SAFECO STOCK OPTION EXTENSION Clause Samples

The SAFECO Stock Option Extension clause allows for the extension of the exercise period for stock options granted under a specific plan or agreement. In practice, this means that option holders are given additional time beyond the original expiration date to exercise their rights to purchase company stock, which may occur in situations such as employee termination, retirement, or other qualifying events. The core function of this clause is to provide flexibility for option holders, ensuring they do not lose the opportunity to benefit from their options due to unforeseen circumstances or timing issues.
SAFECO STOCK OPTION EXTENSION. The Company, through the Compensation Committee of its Board of Directors (the "COMPENSATION COMMITTEE"), has approved or will approve at its November 2001 meeting the Executive's retirement for purposes of the 1987 Plan and 1997 Plan. As a retiree, the Executive shall be entitled (a) to exercise any outstanding stock option issued under the 1987 Plan for three months following the Retirement Date and (b) to exercise any outstanding and vested stock option issued under the 1997 Plan through the third anniversary of the Retirement Date; provided, however, that no stock option shall remain exercisable beyond its maximum stated term. Contingent upon the Executive's execution of this Agreement and the expiration of the Revocation Period, the Compensation Committee has agreed or will agree to amend the terms of all Company stock options that have been granted to the Executive and that will not otherwise be fully vested and exercisable as of the Retirement Date (other than the November 1999 Option), so that each such stock option shall, as of such date, be fully vested, fully exercisable and non-forfeitable. With respect to the November 1999 Option the Compensation Committee has agreed or will agree to amend the exercise period and term of that option to the third anniversary of the Retirement Date.
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SAFECO STOCK OPTION EXTENSION. The Company, through the Compensation Committee of its Board of Directors (the "COMPENSATION COMMITTEE"), has approved the Executive's retirement for purposes of the 1987 Plan and 1997 Plan. As a retiree, the Executive shall be entitled (a) to exercise any outstanding stock option issued under the 1987 Plan for three months following the Retirement Date and (b) to exercise any outstanding and vested stock option issued under the 1997 Plan (other than the November 1999 Option) through the third anniversary of the Retirement Date; provided, however, that no stock option shall remain exercisable beyond its maximum stated term. Contingent upon the Executive's execution of this Agreement and the expiration of the Revocation Period, the Compensation Committee has agreed to amend the terms of all Company stock options that have been granted to the Executive and that will not otherwise be fully vested and exercisable as of the Retirement Date (other than the November 1999 Option), so that each such stock option shall, as of such date, be fully vested, fully exercisable and non-forfeitable.
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Related to SAFECO STOCK OPTION EXTENSION

  • Stock Option Plans Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Share Option Plans Each share option granted by the Company under the Company’s share option plan was granted (i) in accordance with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such share option would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Stock Option Plan The Executive shall be eligible to participate in the Company's Stock Option Plan in accordance with the terms and conditions thereof.

  • Stock Option Grants Pursuant to the following terms and conditions, the Executive shall be eligible to participate in Holdings’ stock option plan and Holdings agrees as follows: i. Holdings shall establish a stock option plan (“Stock Option Plan”) providing for grants of options (the “Stock Options”) to purchase the common stock of BD Investment Holdings Inc., par value $0.01 (the “Buyer Common Stock”) in amounts not less than (i) 2% of the Buyer Common Stock (on a fully-diluted post-exercise basis) in the aggregate per year for all executives, employees and financial advisors of the Company and its subsidiaries, including the Executive selected by the Board after consultation with, and based on the recommendation of, the CEO, for the calendar years beginning on January 1, 2008 and January 1, 2009 and (ii) 2.5% of the Buyer Common Stock (on a fully-diluted post-exercise basis) in the aggregate per year for all executives, employees and financial advisors of the Company and its subsidiaries, including the Executive, selected by the Board after consultation with, and based on the recommendation of, the CEO, for the calendar years beginning on January 1, 2010 and January 1, 2011. ii. Beginning in January 2008, each annual Stock Option grant shall be made between the first and fifteenth business day of the year, unless the CEO, in his sole discretion, shall agree with the Board to a later date during such year (the “Default Date”). If the Board does not approve Stock Option grants in the amounts set forth in Section 4(c)(i) by the Default Date, then Stock Options in such amounts shall be granted pro-rata to existing option holders and employee stockholders as of such date of grant, except that the CEO’s share of such Stock Option grants shall be reduced by 75% and the other four most highly compensated executives’ share of such Stock Option grants shall be reduced by 50%. iii. The per share exercise price of each Stock Option shall be equal to the Fair Market Value of a share of Buyer Common Stock on the date of grant. Each Stock Option granted shall vest in five equal tranches on each of the first five anniversaries of the date of grant subject to the option holder’s continued employment as of each such vesting date; provided, however, that all Stock Options shall automatically vest in full upon a “change in control” (as defined in the Option Plan, it being understood that an IPO shall in no event constitute a change in control). Notwithstanding any provision of this Agreement to the contrary, following an IPO, no additional Stock Options shall be granted pursuant to the Stock Option Plan. iv. Upon termination of his employment, the portion of any Stock Option granted to the Executive which has not yet vested shall terminate. In the event the Executive’s employment terminates for any reason other than for Cause, the Executive may exercise any vested portion of any Stock Option held by him on the date of termination provided that he does so prior to the earlier of (A) ninety (90) days following termination of employment and (B) the expiration of the scheduled term of the Stock Option. Notwithstanding the foregoing, if the Executive’s employment is terminated due to death or disability (as defined in Section 5(b)), then the Executive or, as applicable in the event of death, his beneficiary or estate, may exercise any vested portion of any Stock Option held by the Executive on the date employment terminates for the shorter of (A) the period of twelve (12) months following the termination date and, (B) with respect to each Stock Option individually, the expiration of the scheduled term of such Stock Option. Upon a termination of the Executive’s employment by the Company for Cause, all Stock Options shall be forfeited immediately. v. Holdings, the Company and the Executive agree to cooperate to structure the Stock Option Plan so as to minimize or avoid additional taxes and interest that would otherwise be imposed on the Executive with respect to options granted under the Stock Option Plan pursuant to Section 409A of the Internal Revenue Code as amended (the “Code”); provided, however, that the Company shall have no obligation to grant the Executive a “gross-up” or other “make-whole” compensation for such purpose.

  • Stock Option Grant Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.

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