Term and Termination of Option. Except as otherwise provided herein, ------------------------------ the period in which the Option may be exercised as to any Vested Shares (the "Option Period") shall commence on the date such shares become Vested Shares and terminate at 5:00 p.m. Eastern Time on the date of the first to occur of the following events:
Term and Termination of Option. The maximum term of the Option shall be the date which is 10 years after the Option Date (the “Expiration Date”). The Option shall terminate, to the extent not exercised or earlier terminated pursuant to the terms of this Agreement, on its Expiration Date. In no event may the Option be exercised, in whole or in part, after it terminates.
Term and Termination of Option. Except as otherwise provided herein, the term of the option (the "Option Period") shall commence upon the Grant Date, and shall terminate on the fifth anniversary of the Grant Date. Upon expiration of the Option Period this Option, and all unexercised rights granted to Optionee hereunder, shall terminate and thereafter be null and void.
Term and Termination of Option. Except as otherwise provided below, the term of the Option (the "Option Period") shall commence on the Grant Date and terminate on the date of the first to occur of the following events:
Term and Termination of Option. Except as otherwise provided herein, the term of the Option ("Option Period") shall commence on the Grant Date and terminate on January 27, 2005. Subject to paragraph 1.5 below, this Option shall become exercisable (vest) based on the passage of services to the Company in accordance with the following vesting schedule: 20,000 options shares shall vest on June 30, 2000 25,000 options shares shall vest on September 30, 2000 30,000 options shares shall vest on December 31, 2000 22,500 options shares shall vest on March 31, 2001 22,500 options shares shall vest on June 30, 2001 22,500 options shares shall vest on September 30, 2001 22,500 options shares shall vest on December 31, 2001 22,500 options shares shall vest on March 31, 2002 22,500 options shares shall vest on June 30, 2002 22,500 options shares shall vest on September 30, 2002 22,500 options shares shall vest on December 31, 2002 22,500 options shares shall vest on March 31, 2003 22,500 options shares shall vest on June 30, 2003 22,500 options shares shall vest on September 30, 2003 22,500 options shares shall vest on December 31, 2003 Once the right to purchase shares has accrued and vested, such shares may thereafter be purchased at any time, or in part from time to time, until the termination date of this Option, subject to the provisions of Paragraph 1.7 below. In no case may this Option be exercised for a fraction of a share. No shares shall vest after termination of services to the Company unless otherwise agreed in writing. Upon the expiration of the Option Period as set forth above, this Option, and all unexercised rights granted to the Optionee hereunder shall terminate, and thereafter be null and void.
Term and Termination of Option. The term of the Option (the “Option Period”) shall commence on the Grant Date and end on the tenth (10th) anniversary of the Grant Date. Upon the expiration of the Option Period, the Option and all unexercised rights granted to Optionee hereunder shall terminate, and thereafter be null and void.
Term and Termination of Option. (a) The Committee has determined that this Option Will expire, and the rights hereunder to purchase Stock will terminate, ten years following the grant date (the “Option Period’). The expiration date of this Option shall be February 23, 2014.
Term and Termination of Option. Except as otherwise provided herein, the term of the Option ("Option Period") shall commence on the Grant Date and terminate on June 25, 2006. Subject to paragraph 1.6 below, this Option shall become exercisable as to one-fourth (1/4) of the total number of Option Shares at such time as the Fair Market Value (as defined below) of the Common Stock of the Company Is equal to or greater than Five Dollars ($5.00) per share, for twenty (20) consecutive trading days. This Option shall become exercisable as to an additional one-fourth (1/4) of the total number of Option Shares at such time as the Fair Market Value of the Common Stock of the Company is equal or greater than
Term and Termination of Option. Except as otherwise provided herein, the term of the Option ("Option Period") shall commence on the Grant Date and terminate on January 27, 2005. Subject to paragraph 1.5 below, this Option shall become exercisable (vest) based on the passage of services to the Company in accordance with the following vesting schedule: 4,150 options shares shall vest on March 31, 2000 subject to written approval of the Compensation Committee of the Company which approval shall be based on an evaluation of performance 4,150 options shares shall vest on June 30, 2000 subject to written approval of the Compensation Committee of the Company which approval shall be based on an evaluation of performance 4,150 options shares shall vest on September 30, 2000 subject to written approval of the Compensation Committee of the Company which approval shall be based on an evaluation of performance 4,150 options shares shall vest on December 31, 2000 subject to written approval of the Compensation Committee of the Company which approval shall be based on an evaluation of performance Once the right to purchase shares has accrued and vested, such shares may thereafter be purchased at any time, or in part from time to time, until the termination date of this Option, subject to the provisions of Paragraph 1.7 below. In no case may this Option be exercised for a fraction of a share. No shares shall vest after termination of services to the Company unless otherwise agreed in writing. Upon the expiration of the Option Period as set forth above, this Option, and all unexercised rights granted to the Optionee hereunder shall terminate, and thereafter be null and void.
Term and Termination of Option. (a) The Committee shall determine, and each Option Agreement shall state, the expiration date or dates of each Option, but such expiration date shall be not later than ten (10) years after the date such Option was granted (the "Option Period"). In the event an ISO is granted to a 10% Shareholder, the expiration date or dates of each Option Period shall be not later than five (5) years after the date such Option is granted. The Committee, in its discretion, may extend the expiration date or dates of an Option Period of any Non-Qualified Option after such date was originally set; provided, however such expiration date may not exceed the maximum expiration date described in this Section 3.5(a).
