Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases: 3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date; 3.1.2 if the Employee ceases to be an employee of a Group Company by reason of: 3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or 3.1.2.2 retirement at state or contractual retirement age including late retirement; or 3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date. 3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt. 3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged. 3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows: 3.4.1 as to the first 25% of the Option Shares after 20th December, 2000; 3.4.2 as to a further 25% of the Option Shares after 20th December, 2001; 3.4.3 as to a further 25% of the Option Shares after 20th December, 2002; 3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003. 3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option. 3.6 The Option shall lapse on the earliest of the following dates: 3.6.1 the seventh anniversary of the date of this Agreement. 3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1. 3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up. 3.6.4 the date on which the Employee is adjudicated bankrupt. 3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option. 3.7 The Option shall lapse: 3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer. 3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 9 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000Start Date 2001;
3.4.2 as to a further 25% thereafter, on the first day of each following month, the number of options that may be exercised shall be increased by 1/48 of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% total number of options. This will continue until the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003Start Date 2004 at which time all options will be exercisable.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 3 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December15th November, 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 15th November 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 15th November 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, l5th November 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 3 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies before exercising the Option in full, the Option (to the extent not previously exercised) may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such datedeath;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of his employment by the Company or a Group Company (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within no later than six months of the date of the Employee so ceasing to be after such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such datecessation.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 3.1 or clause 5 the Option may only shall not be exercised as follows:
3.4.1 as to capable of exercise before the first 25% second anniversary of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% date of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003this Agreement.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 3 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 2000from the date hereof;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 200124 May 2000;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 200224 May 2001;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 200324 May 2002.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 2 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December25th October, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December25th October, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December25th October, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December25th October, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 2 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 2 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December7th February, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December7th February, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December7th February, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December7th February, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 2 contracts
Samples: Option Agreement (Phone Com Inc), Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 4 February 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 4 February 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 4 February 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 4 February 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
under clauses 3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003and 3.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th 6th December, 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 6th December 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th 6th December, 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th 6th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; , or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December1st November, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December1st November, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December1st November, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December1st November, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.13. 1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000[ ];
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001[ ];
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002[ ];
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003[ ].
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 25 July 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 25 July 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 25 July 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 25 July 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December14th February, 20002001;
3.4.2 as to a further 25% of the Option Shares after 20th December14th February, 20012002;
3.4.3 as to a further 25% of the Option Shares after 20th December14th February, 20022003;
3.4.4 as to the balance of 25% of the Option Shares after 20th December14th February, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th 22nd December, 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th 22nd December, 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th 22nd December, 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th 22nd December, 2003.;
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th 9th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th 9th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th 9th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th 9th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 5. 1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 25 October 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 25 October 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 25 October 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 25 October 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:be
3.4.1 as to the first 25% of the total Option Shares after 20th December8th November, 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 8th November 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 8th November 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 8th November 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 5. 1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th Decemberl0th November, 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 10th November 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 10th November 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 10th November 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;.
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December25th October, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December25th October, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December25th October, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December25th October, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December3rd January, 20002001;
3.4.2 as to a further 25% of the total Option Shares after 20th December3rd January, 20012002;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 20023rd January 2003;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December3rd January, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th 1st December, 2000;,
3.4.2 as to a further 25% of the total Option Shares after 20th December, 1st December 2001;,
3.4.3 as to a further 25% of the total Option Shares after 20th December, 1st December 2002;,
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 1st December 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December18th February, 20002001;
3.4.2 as to a further 25% of the Option Shares after 20th December18th February, 20012002;
3.4.3 as to a further 25% of the Option Shares after 20th December18th February, 20022003;
3.4.4 as to the balance of 25% of the Option Shares after 20th December18th February, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December18th February, 20002001;
3.4.2 as to a further 25% of the Option Shares after 20th December18th February, 20012002;
3.4.3 as to a further 25% of the Option Shares after 20th December18th February, 20022003;
3.4.4 as to the balance of 25% of the Option Shares after 20th December18th February, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.13. 1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December10th January, 2000200l;
3.4.2 as to a further 25% of the Option Shares after 20th December10th January, 20012002;
3.4.3 as to a further 25% of the Option Shares after 20th December10th January, 20022003;
3.4.4 as to the balance of 25% of the Option Shares after 20th December10th January, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 30 January 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 30 January 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 30 January 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 30 January 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 18 October 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 18 October 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 18 October 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 18 October 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 7 June 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 7 June 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 7 June 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 7 June 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 17 May 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 17 May 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 17 May 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 17 May 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have have, been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th DecemberJanuary 24, 2001;
3.4.3 as to a further 25% 3.4.2 thereafter, on the first day of each following month, the number of options that may be exercised shall be increased by 1/48 of the Option Shares after 20th Decembertotal number of options. This will continue until the January 24, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 20032004 at which time all options will be exercisable.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 2000from the date hereof;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 20019 June 2000;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 20029 June 2001;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 20039 June 2002.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;,
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December1st November, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December1st November, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December1st November, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December1st November, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 200015 July 1999;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 200115 July 2000;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 200215 July 2001;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 200315 July 2002.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies before exercising the Option in full, the Option (to the extent not previously exercised) may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such datedeath;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of his employment by the Company or a Group Company (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within no later than six months of the date of the Employee so ceasing to be after such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such datecessation.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 3.1 or clause 5 the Option may only shall not be exercised as follows:
3.4.1 as to capable of exercise before the first 25% second anniversary of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% date of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003this Agreement.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); , or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001200l;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.13. 1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 5. 1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 5.1 .2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December25th October, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December25th October, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December25th October, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December25th October, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 20001st January 2001;
3.4.2 as to a further 25% thereafter, on the first day of each following month, the number of options that may be exercised shall be increased by 1/48 of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% total number of options. This will continue until the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 20031st January 2004 at which time all 200,000 options will be exercisable.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 6650% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer5.1.
3.7.2 as to 3325% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer5.1.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December17th January, 20002001;
3.4.2 as to a further 25% of the Option Shares after 20th December, 200117th January 2002;
3.4.3 as to a further 25% of the Option Shares after 20th December, 200217th January 2003;
3.4.4 as to the balance of 25% of the Option Shares after 20th December17th January, 20032004.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 200014 July 1999;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 200114 July 2000;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 200214 July 2001;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 200314 July 2002.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.13. 1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 25th October 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 25th October 2001;
3.4.3 as to a further Further 25% of the Option Shares after 20th December, 25th October 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 25th October 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 12 July 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 12 July 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 12 July 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 12 July 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 4.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 4.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 4.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 4.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 4.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 4.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 4.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 4.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 4.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 4.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, START DATE 2001;
3.4.3 as to a further 25% 4.4.2 thereafter, on the first day of each following month, the number of options that may be exercised shall be increased by 1/48 of the Option Shares after 20th December, 2002;
3.4.4 as to total number of options. This will continue until the balance of 25% of the Option Shares after 20th December, 2003START DATE 2004 at which time all options will be exercisable.
3.5 4.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 4.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 4.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 4.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 4.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 4.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 4.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 4.7 The Option shall lapse:
3.7.1 4.7.1 as to 6650% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer5.1.2.
3.7.2 4.7.2 as to 3325% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer5.1.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 4 October 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 4 October 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 4 October 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 4 October 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:of:-
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 5 April 2000;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 5 April 2001;
3.4.3 as to a further 25% of the total Option Shares after 20th December, 5 April 2002;
3.4.4 as to the balance of 25% of the total Option Shares after 20th December, 5 April 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms teams of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:dates:-
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the total Option Shares after 20th December, 200028 February 2001;
3.4.2 as to a further 25% of the total Option Shares after 20th December, 200128 February 2002;
3.4.3 as to a further 25the balance of 50% of the total Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 28 February 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
Right to Exercise Option. 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:
3.1.1 if the Employee dies the Option may be exercised by his personal representatives within twelve months of the date of death to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date;
3.1.2 if the Employee ceases to be an employee of a Group Company by reason of:
3.1.2.1 injury or disability (evidenced to the satisfaction of the Board); or
3.1.2.2 retirement at state or contractual retirement age including late retirement; or
3.1.2.3 termination of employment (other than proper dismissal upon his failure to comply with the terms of his employment) provided that the Employee has been an employee of a Group Company for not less than two years; the Option may be exercised within six months of the date of the Employee so ceasing to be such an employee to the extent to which it could have been (but had not been) exercised under clause 3.4 on such date.;
3.2 The right to exercise the Option shall terminate forthwith upon the Employee being adjudicated bankrupt.
3.3 The Option shall be personal to the Employee and may not be transferred, assigned or charged.
3.4 Except where the Option is exercised pursuant to clause 5 the Option may only be exercised as follows:
3.4.1 as to the first 25% of the Option Shares after 20th December, 2000;
3.4.2 as to a further 25% of the Option Shares after 20th December, 2001;
3.4.3 as to a further 25% of the Option Shares after 20th December, 2002;
3.4.4 as to the balance of 25% of the Option Shares after 20th December, 2003.
3.5 The Option may not be exercised within six months of a previous exercise of the Option but such period shall be reduced to three months if the Employee shall have ceased to be an employee of a Group Company (or have been given or have given notice of termination of his employment) but remains entitled under the terms of this Agreement to exercise the Option.
3.6 The Option shall lapse on the earliest of the following dates:
3.6.1 the seventh anniversary of the date of this Agreement.
3.6.2 the date on which the Employee ceases to be an employee of a Group Company in circumstances other than those specified in clause 3.1.
3.6.3 the date on which a resolution is passed or an order is made for the Company to be wound up.
3.6.4 the date on which the Employee is adjudicated bankrupt.
3.6.5 the date on which the Employee does or omits to do anything as a result of which act or omission he ceases to be the legal and beneficial owner of the Option.
3.7 The Option shall lapse:
3.7.1 as to 66% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (i) of Clause 5.1.2 unless such options are assumed by an acquirer.
3.7.2 as to 33% of the Option Shares if the Employee becomes entitled to exercise the Option in part pursuant to sub-paragraph (ii) of Clause 5.1.2 unless such options are assumed by an acquirer.
Appears in 1 contract
Samples: Option Agreement (Phone Com Inc)
