Common use of Term and Termination of Option Clause in Contracts

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.

Appears in 2 contracts

Samples: Non Qualified Stock Option Agreement (Valuestar Corp), Non Qualified Stock Option Agreement (Valuestar Corp)

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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 27September 28, 20052004. 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 September 28, 2000 62,500 Option Shares shall vest on June 30December 28, 2000 25,000 options shares 15,625 Option Shares shall vest on September 30March 28, 2000 30,000 options shares 2001 15,625 Option Shares shall vest on December 31June 28, 2000 22,500 options shares 2001 15,625 Option Shares shall vest on March 31September 28, 2001 22,500 options shares 15,625 Option Shares shall vest on June 30December 28, 2001 22,500 options shares 15,625 Option Shares shall vest on September 30March 28, 2001 22,500 options shares 2002 15,625 Option Shares shall vest on December 31June 28, 2001 22,500 options shares 2002 15,625 Option Shares shall vest on March 31September 28, 2002 22,500 options shares 15,625 Option Shares shall vest on June 30December 28, 2002 22,500 options shares 15,625 Option Shares shall vest on September 30March 28, 2002 22,500 options shares 2003 15,625 Option Shares shall vest on December 31June 28, 2002 22,500 options shares 2003 15,625 Option Shares shall vest on March 31September 28, 2003 22,500 options shares 15,625 Option 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.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Valuestar Corp)

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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 27November 5, 20052004. 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 February 5, 2000 6,667 Option Shares shall vest on June 30May 5, 2000 25,000 options shares 6,667 Option Shares shall vest on September 30August 5, 2000 30,000 options shares 6,667 Option Shares shall vest on December 31November 5, 2000 22,500 options shares 6,666 Option Shares shall vest on March 31February 5, 2001 22,500 options shares 4,167 Option Shares shall vest on June 30May 5, 2001 22,500 options shares 4,167 Option Shares shall vest on September 30August 5, 2001 22,500 options shares 4,167 Option Shares shall vest on December 31November 5, 2001 22,500 options shares 4,166 Option Shares shall vest on March 31February 5, 2002 22,500 options shares 4,167 Option Shares shall vest on June 30May 5, 2002 22,500 options shares 4,167 Option Shares shall vest on September 30August 5, 2002 22,500 options shares 4,166 Option Shares shall vest on December 31November 5, 2002 22,500 options shares 4,166 Option 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 a resignation as director or 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.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Valuestar Corp)

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