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.
Appears in 4 contracts
Samples: Stock Option Agreement (Document Capture Technologies, Inc.), Stock Option Agreement (Document Capture Technologies, Inc.), Stock Option Agreement (Document Capture Technologies, Inc.)
