Shares Subject to Exercise. The Option shall be immediately exercisable and shall remain exercisable for the entire Term specified in Paragraph 2 of this Agreement.
Shares Subject to Exercise. Common Shares subject to exercise shall be one-third (1/3rd) of such Common Shares on April 4, 2005, an additional one-third (1/3rd) of such Common Shares on and after April 3, 2006 and the remaining one-third (1/3rd) of such Common Shares on and after April 2, 2007. All Common Shares shall thereafter remain subject to exercise for the term specified in Paragraph 2 hereof.
Shares Subject to Exercise. All 100,000 Options shall be immediately exercisable and shall thereafter remain subject to exercise for the term specified in Paragraph 2 hereof.
Shares Subject to Exercise. The ______ Options shall vest and be immediately exercisable, and shall thereafter remain subject to exercise for the term specified in Paragraph 2 hereof.
Shares Subject to Exercise. This Option shall be exercisable in installments as to ___________ of the number of Shares on the first ______ anniversary of the date hereof, as to ___________ of the number of Shares on the second ______ anniversary of the date hereof, and as to ___________ of the number of Shares on the third ______ anniversary of the date hereof provided, however, that an installment shall not become exercisable if the Optionee is not employed as an employee of the Company, or any of its subsidiaries, as of such anniversary date. Once exercisable, the Option shall thereafter remain exercisable as to such Shares for the term specified in Section 2 hereof, unless Optionee’s employment is terminated pursuant to Section 6 hereof or the Option is terminated pursuant to a Corporate Transaction (as defined in the Plan).
Shares Subject to Exercise. This Option shall be exercisable in installments as to 25% on and after , 25% of the Shares on and after , 25% of the Shares on and after and 25% of the Shares on and after , provided, however, that an installment shall not become exercisable if the Optionee is not employed as an employee, director, consultant or adviser of the Company, or its Affiliate, as of such anniversary date. Once exercisable, the Option shall thereafter remain exercisable as to such Shares for the term specified in Paragraph 2 hereof, unless Optionee’s employment is terminated pursuant to Paragraph 6 hereof or the Option is terminated pursuant to a Corporate Transaction (as defined in Paragraph 15 hereof). The Administrator may condition the exercise of the Option on the Optionee’s entering into a shareholders agreement with the Company and other shareholders of the Company which will restrict the transferability of the Shares and contain other customary provisions including rights of repurchase or first refusal on the part of the Company and may include “tag along” rights and/or “drag along” rights.
Shares Subject to Exercise. The 15,000 Options shall vest and be immediately exercisable, and shall thereafter remain subject to exercise for the term specified in Paragraph 2 hereof.
Shares Subject to Exercise. Common Shares subject to exercise shall be one-third (1/3) of such Common Shares on or after April 29, 2011, one-third (1/3) of such Common Shares on or after April 29, 2012 and one-third (1/3) of such Common Shares on or after April 29, 2013. All Common Shares shall thereafter remain subject to exercise for the term specified in Paragraph 2 hereof. Upon the merger or consolidation of the Company, or an event in which more than 50% of the Company’s voting capital stock is acquired by one or more individuals acting as a “group” within the meaning of Section 13 of the Securities Exchange Act of 1934, as amended, then all of the Common Shares underlying the Option shall immediately become exercisable.
Shares Subject to Exercise. Subject to Paragraph 5 hereof, shares issuable upon exercise of the Option (the "Shares") shall be subject to exercise 25% on each of the following dates: July 31, 1996, January 31, 1997, July 31, 1997 and January 31, 1998. If the Optionee's employment is terminated within twelve (12) months following any Change in Control either by the Company or the Optionee all shares will become subject to exercise. For purposes of this Agreement, a Change in Control shall mean: (a) any transfer or series of transfers of capital stock of the Company, other than as a result of a sale of capital stock of the Company pursuant to a public offering registered under the Securities Act of 1933, as amended, as a result of which the holders of capital stock of the Company prior to such transfer or transfers become, collectively, the legal or beneficial holders of less than fifty percent (50%) of the capital stock of the Company; (b) the consummation of any merger or consolidation of the Company with another corporation; provided, however, that no Change in Control shall be deemed to have occurred if, immediately following such merger or consolidation, legal or beneficial holders of capital stock of the Company prior to such merger or consolidation shall own or control, directly or indirectly,
Shares Subject to Exercise. The Option shall be immediately exercisable -------------------------- and shall remain exercisable for the entire Term specified in paragraph 2 of this Agreement. Payment of the Exercise Price of the Option Shares being purchased, may be made by a cashless exercise procedure whereby the Option Shares issued upon exercise of the Option will be sold with the Grantee receiving the difference between the Exercise Price and the sale price, in cash, and the Company receiving the Exercise Price for the Option Shares, in cash.
