Terms and Exercise of Option a. The Option shall have a term of ten years from the date hereof, and shall vest in forty-eight equal monthly installments over the four year period beginning on the date hereof (the "Vesting Period"). The Option may only be exercised during the ten year term hereof and only to the extent it is vested.
Terms and Exercise of Option. This option shall continue until August 31, 1999 and shall be exercisable by delivery, on or before its expiration, of written notice of exercise to Seller. Notice of exercise shall be deemed delivered to Seller when said written notice is placed in the United States mail as evidenced by postmark. The Purchaser shall have the right and option to extend all terms and conditions of this option agreement for an additional 90 days beyond the expiration date of the original term by tendering the additional sum of Five Thousand and No/100 ($5,000.00) Dollars to Seller on or before the said original term. Notice of exercise shall be deemed delivered when said written notice is placed in the United States Mail as evidenced by postmark.
Terms and Exercise of Option. Except as otherwise provided in the Plan, or in this Option, the Option shall terminate at the close of business 10 years from the date of grant and may be exercised only by the Optionee or, to the extent provided in Section 3(b) hereof, by his legal representative. The Option Shares shall become exercisable in full or in part from time to time beginning _______ and not before. Option portions not purchased may be accumulated and subsequently purchased by the Optionee. The Option price per share shall be paid in cash or by delivery of other shares of the Company's common stock owned by the Optionee with a fair market value equal to the exercise price of the Option Shares purchased, or in any combination of the two forms of payment. In addition to payment of the option price for each share purchased, the Optionee shall pay the amount of federal and state withholding taxes determined by the Committee named in Section 3 of the Plan (or by the Committee's designee) to be owing with respect to the compensation income that the Optionee will realize upon each share purchased. The company, upon fulfillment of the requirements for exercise, including receipt of the payment of the purchase price and all applicable withholding taxes, shall deliver the shares purchased hereunder to the Optionee.
Terms and Exercise of Option. Licensee herewith grants Time Broker an irrevocable option to acquire upon the prior approval of the Federal Communications Commission, all the assets used and useful in the operation of the Station, including the licenses, assets, after-acquired property and all the other rights associated with the use of new technology that may be obtained or used by the Station upon the terms and conditions set forth herein (the "Option"). Said Option may be exercised at any time during the term of this Agreement upon written notice by Time Broker to Licensee. During the term of this Option, Licensee shall keep the assets which are the subject of this Option free and clear of all liens, claims and encumbrances of any kind or nature, other than this Option and the security interest pursuant to the Debt, as defined below, or as consented to by the Time Broker.
Terms and Exercise of Option. Subject to subsections (b) through (e) below, the Option shall become fully exercisable with respect to the Shares upon the execution of this Agreement.
Terms and Exercise of Option. (a) If Lessee elects to exercise the Option, Lessee shall notify Lessor upon two hundred seventy (270) days written notice prior to the last day of the current term.
Terms and Exercise of Option. The Option hereby granted (the "Option") may be exercised by the Optionee as to sixty percent (60%) of the Optioned Shares caused hereby after [two years from the date of grant], eighty percent (80%) after [three years from the date of grant] and one hundred percent (100%) after [four years from the date of grant] (subject to the conditions set forth in Clause 3 below). At the time of exercise of the Option, the Option Price of each share purchased thereto shall be paid in full in cash and the Company, upon receipt of such Option Price, will cause certificates for shares purchased thereunder to be delivered to the person entitled thereto. 3.
Terms and Exercise of Option. Subject to subsections (b) through (h) below, the Option shall become exercisable with respect to the number of Shares set forth below on each of the dates set forth below: DATE NUMBER OF SHARES EXERCISABLE ON OR AFTER DATE April 28, 2001 233,333 April 28, 2002 233,333 April 28, 2003 233,334
Terms and Exercise of Option. The Option hereby granted (the "Option") may be exercised by the Optionee as to forty percent (40%) of the Optioned Shares caused hereby after March 9, 1996; sixty percent (60%) of the Optioned Shares caused hereby after March 9, 1997; eighty percent (80%) of the Optioned Shares caused hereby after March 9, 1998 and one hundred percent (100%) after March 9, 1999 (subject to the conditions set forth in Clause 3 1 2 below). The Option will expire on March 10, 2000. The option may be exercised only by written notice to the Company specifying the number of shares of Common Stock in respect of which the Option is being exercised and by payment to the Company in cash or in shares of Common Stock (which shares shall be valued at their then fair market value) of the full purchase price for the shares.
