Right to Exercise Vesting a. Subject to the expiration or earlier termination of the Term of the Option and to Section 2(b) hereof, Optionee shall have the right to exercise the Option in accordance with the following three (3) year vesting schedule:
(i) Optionee shall have no right to exercise any part of the Option at any time prior to the expiration of one (1) year from the Grant Date;
(ii) The Option shall become exercisable with respect to Thirty Three and Three Hundred Thirty Three Thousandths Percent (33.333%) of the Option Shares upon the expiration of one (1) year from the Grant Date; and
(iii) The Option thereafter shall become exercisable with respect to an additional Two Point Seven Hundred Seventy Seven Thousandths Percent (2.777%) of the Option Shares on the last day of each month that commences following the Grant Date.
b. In addition to any Option Shares that become exercisable under Section 2(a) hereof,
(i) If the employment of Optionee under the Employment Agreement dated as of November 24, 1999 between Optionee and the Company ("Employment Agreement") is terminated by the Company without "cause" (as defined in the Employment Agreement) on or before the expiration of six (6) months from the Grant Date, then upon the effective date of such termination the Option shall become exercisable with respect to Sixteen and Six Hundred Sixty Six Thousandths Percent (16.666%)
Right to Exercise Vesting a. Subject to the expiration or earlier termination of the Term of the Option and to Section 3(b) hereof, Optionee shall have the right to exercise the Option in accordance with the following three (3) year vesting schedule:
(i) Optionee shall have no right to exercise any part of the Option at any time prior to the expiration of one (1) year from the Grant Date;
(ii) The Option shall become exercisable with respect to one-third (1/3d) of the Option Shares upon the expiration of one (1) year from the Grant Date; and
(iii) The Option thereafter shall become exercisable with respect to an additional one-thirty-sixth (1/36th) of the Option Shares for each month following the expiration of one (1) year from the Grant Date.
b. Exercisable installments may be exercised by Optionee in whole or in part and to the extent not exercised shall accumulate and be exercisable as provided. The Company shall not be required to issue fractional shares at any time; and any fractional shares remaining in the Option following any exercise thereof shall be rounded down to the next nearest whole number of Shares.
Right to Exercise Vesting. This Option may be exercised prior to its expiration to the extent it is vested with respect to any Option Shares in accordance with Section 3. Subject to Section 5(b), this Option shall vest with respect to 25% of the Option Shares on each of the first, second, third and fourth anniversary of the Grant Date (each a “Vesting Date”). Notwithstanding the vesting schedule in the immediately preceding sentence, if, prior to a Vesting Date, the Optionee’s employment with the Company or one of its Subsidiaries is terminated at any time due to death or Disability, or, other than within one year after a Change in Control, by the employer without Cause or by the Optionee for Good Reason (the date of such termination of employment, the “Termination Date”), then the Option shall vest with respect to 50% of the Option Shares as to which the Option was otherwise eligible to vest on the Vesting Date immediately following the Termination Date and the remaining portion of the Option with respect to which the Option has not vested as of the Termination Date shall be forfeited and cancelled as of the Termination Date.
Right to Exercise Vesting. This Option may be exercised prior to its expiration to the extent it is vested with respect to any Option Shares in accordance with Section 3. Subject to Section 5(b) and (c), this Option shall vest with respect to 100% of the Option Shares on the date immediately preceding the Company’s next annual general meeting of shareholders (the “Vesting Date”). Notwithstanding the vesting schedule in the immediately preceding sentence, if, prior to the Vesting Date, the Optionee’s Service is terminated at any time due to death or Disability (the date of such termination of Service, the “Termination Date”), then the Option Shares which were otherwise due to vest on the Vesting Date shall vest as of the Termination Date.
Right to Exercise Vesting. This option may be exercised prior to its expiration to the extent it is vested with respect to any Option Shares in accordance with Section 3. Subject to Section 5(b), this option shall vest with respect to 25% of the Option Shares on each of the first, second, third and forth anniversary of the Grant Date (each a “Vesting Date”). Notwithstanding the vesting schedule in the immediately preceding sentence, if, prior to a Vesting Date, the Optionee’s employment with the Company or one of its Subsidiaries is terminated due to death or Disability (as defined in Optionee’s employment agreement), by the employer without Cause or by the Optionee for Good Reason (the date of such termination of employment, the “Termination Date”), then a portion of the 25% of the Option Shares which were otherwise due to vest on the next Vesting Date following such termination of employment shall vest on the Termination Date as follows:
(a) If the Termination Date is more than nine (9) months before the next Vesting Date, none of such Option Shares shall vest;
(b) If the Termination Date is more than six (6) months but no more than nine (9) months before the next Vesting Date, 25% of such Option Shares shall vest;
(c) If the Termination Date is more than three (3) months but no more than six (6) months before the next Vesting Date, 50% of such Option Shares shall vest; and
(d) If the Termination Date is three (3) months or less before the next Vesting Date, 75% of such Option Shares shall vest.
Right to Exercise Vesting. 1/4 of the Option Shares shall vest and be exercisable on each of September 25, 2008, September 25, 2009, September 25, 2010 and September 25, 2011, subject to the Optionee remaining continuously employed by the Company on each such date.
Right to Exercise Vesting. Subject to the conditions stated herein, the Optionee shall have the right immediately to exercise this option with respect to 73,000 Shares. Subject to the conditions stated herein, this option shall become exercisable with respect to 52,000 of the Shares subject to this option in one installment of 2,000 Shares and ten equal installments of 5,000 Shares. The first such installment shall become exercisable on the first date the Company has issued 32,000 shares of Additional Stock and each subsequent installment shall become exercisable on each date the Company has issued an additional 100,000 shares of Additional Stock. The intention of this vesting provision is to limit exercisability of this option at all times to five percent (5%) of the outstanding Shares.
Right to Exercise Vesting. Subject to the vesting schedule in this subsection below, this Warrant shall be exercisable cumulatively as follows: as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing three (3) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing six (6) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing nine (9) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing twelve (12) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing fifteen (15) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing eighteen (18) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing twenty-one (21) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing twenty-four (24) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing twenty-seven (27) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing thirty (30) months from the Date of Issuance and expiring on the Expiry Date; as to 20,833 of the Warrant Shares, or any portion thereof, during the period commencing thirty-three (33) months from the Date of Issuance and expiring on the Expiry Date; as to 20,837 of the Warrant Shares, or any portion thereof, during the period commencing thirty-six (36) months from the Date of Issuance and expiring on the Expiry Date.
Right to Exercise Vesting a. One-third (1/3) of the Option Shares shall become vested and exercisable by Optionee on each of the first three anniversaries of [_____________, 2007], the date the Optionee commenced employment with the Company.
b. Notwithstanding the foregoing and except as provided in subsection (c), upon the effective date of the Optionee’s termination of employment by the Company without “Cause” (as defined in any employment agreement between the Optionee and the Company) or by the Optionee for “Good Reason” (as defined in any employment agreement between the Optionee and the Company), the Option Shares that are unvested and would have vested at the next annual vesting date if the Optionee had remained employed shall vest pro rata based on the number of months worked by the Optionee since the last vesting date; provided that as a condition of such vesting, the Optionee must execute within such period of time following termination of employment as is permitted by the Company (and not timely revoke during any revocation period provided therein) a comprehensive release, covenant not to xxx, and non-disparagement agreement from the Optionee in favor of the Company, its executives, officers, directors, affiliates, and all related parties, in such form as may be provided by the Company, as required by Section 5(c) of the employment agreement between the Optionee and the Company dated [______________, 2007] or any successor thereto (the “Release”).
c. Notwithstanding the foregoing, the Option Shares shall become fully vested and exercisable (“Accelerated Exercise Period”) upon the effective date of the Optionee’s termination of employment by the Company without “Cause” (as defined in any employment agreement between the Optionee and the Company) or by the Optionee for “Good Reason” (as defined in any employment agreement between the Optionee and the Company) that occurs within twelve months following a Change in Control; provided that as a condition of such vesting, the Optionee must execute within such period of time following termination of employment as is permitted by the Company (and not timely revoke during any revocation period provided therein) the Release. For this purposes, a “Change in Control” means any one of the following events which may occur after the Grant Date:
(i) The sale or other transfer of more than fifty percent (50%) of the capital stock of the Company in one or more related transactions for material consideration to any person or entity or group...
Right to Exercise Vesting
