Terms of Stock Options. (a) Odzer hereby agrees that he shall grant Stock Options to purchase all of the Shares upon the direction of, and to those executives and officers of the Company designated by, the Committee in accordance with the terms and subject to the conditions of this Agreement.
(b) In no event shall the exercise price of any Stock Option granted pursuant to this Agreement be less than $7.25, the initial public offering price of the Common Stock on a per share basis).
(c) The exercise of the Stock Options must occur, if at all, prior to February 5, 2002 (the "Expiration Date"). Odzer shall receive all proceeds received from the exercise of any Stock Options.
(d) Upon the Expiration Date, the balance of the Shares held in escrow pursuant to the terms of this Agreement, shall revert back and be delivered by the Escrow Agent to Odzer and such Shares shall no longer be subject to the provisions hereof.
(e) The terms and conditions of the Stock Options shall be more fully set forth in each of the respective option agreements which shall be executed and delivered by Odzer and each optionee in substantially the form of the Form Option Agreement (the "Option Agreements").
Terms of Stock Options. Executive will be issued a Stock Option Agreement pursuant to which Executive will receive Stock Options as of December 7, 2007, which Stock Option Agreement will be consistent with the terms and conditions set forth in this Appendix 1. The aggregate number of shares of common stock for which the Stock Options are granted hereunder is 25,000.
Terms of Stock Options. Subject to Section 3 hereof, the terms of Incentive Stock Options granted this Plan shall be as follows:
A. The option exercise price shall be fixed by the Board but shall in no event be less than 100% of the fair market value of the Shares subject to option on the date the Incentive Stock Option is granted.
B. Incentive Stock Options shall not be transferable other than by will or by the laws of descent and distribution. No Incentive Stock Option shall be subject, in whole or in part, to attachment, execution or levy of any kind.
C. Each Incentive Stock Option shall expire and all rights thereunder shall end at the expiration of such period (which shall not be more than ten years) after the date on which it was granted as shall be fixed by the Board, subject to all cases to earlier expiration as provided in subsections D and E of this Section 5 in the event of termination of employment or death.
D. During the lifetime of an Optionee his Incentive Stock Option shall be exercisable only by him and only while continuously employed by the Company, or within 30 days of termination of employment for any reason or one year after termination of employment if the Optionee is disabled within the meaning of Section 22(e)(3) of the Code (but not later than the end of the period fixed by the Board in accordance with the provisions of subsection (c) of this Section 5), but only if and to the extent the Incentive Stock Option was exercisable by him on the last day of such employ- ment and only if he has not engaged in any conduct that directly or indirectly adversely affects the Company.
E. If an Optionee dies within a period during which his Incentive Stock Option could have been exercised by him, his Incentive Stock Option may be exercised within one year after his death (but not later than the end of the period fixed by the Board in accordance with the provisions of subsection (c) of this Section 5) by those entitled under his will or the laws of descent and distribution, but only if and to the extent such Incentive Stock Option was exercisable by him immediately prior to his death.
F. Subject to the foregoing terms and to such additional terms regarding the exercise of the Incentive Stock Options as the Board may fix at the time of grant, Incentive Stock Options may be exercised in whole at one time or in part from time to time.
Terms of Stock Options. The Options will be nonqualified stock options, will be fully vested at the time of receipt, and will have a ten-year term except as follows: (a) in the case of termination due to death, Disability, Retirement at or after age 65, or involuntary termination by the Company (other than for Cause), the Options will remain exercisable until seven years after the date of grant, or one year after the date of termination,
Terms of Stock Options. Each stock option granted under this Plan shall be subject to the following terms and conditions:
Terms of Stock Options. The Executive will be issued a Stock Option Agreement pursuant to which Executive will receive Stock Options as of the Effective Date which Stock Option Agreement will be consistent with the terms and conditions set forth in this Annex A. The aggregate number of shares of common stock for which the Stock Options granted thereunder is exercisable is 100,000. To the extent possible, the Stock Options shall be classified incentive stock options. In addition, upon a recommendation from the Chief Executive Officer made in his sole discretion, the Compensation Committee of the Board of Directors may consider whether Executive shall be eligible to receive an annual Stock Option grant of 5,000 shares of common stock.
Terms of Stock Options. Each Option will be valued for purposes of the surrender and exchange at a percentage, as provided below, of the Fair Market Value of NSI stock (closing price on NYSE) on the Determination Date:
Terms of Stock Options. The Committee shall determine the terms and conditions of each Stock Option, the number of shares subject to the Stock Option, and whether the Stock Option is an Incentive Stock Option or a Non-statutory Stock Option. The option price for each Stock Option shall be determined by the Committee but shall not be less than 100% of the Fair Market Value of the Company’s common stock on the date the Stock Option is granted. Notwithstanding the foregoing, a Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Code Section 424(a).
Terms of Stock Options a) Each Option granted under the Plan will expire seven years after the date of grant.
b) Except as otherwise set forth in an Award Agreement, each Option granted under the Plan will be fully exercisable beginning on the fourth year anniversary of the date of grant.
c) The exercise price of each Option shall be the Option Exercise Price. The Initial Option Exercise Price of each Option shall be the arithmetic average of the Fair Market Values per Share subject to the Option on the date the Option is granted and on each of the preceding four days on which securities markets generally were open for trading in New York City. After the date each Option is granted, the Option Exercise Price will be adjusted in the manner described in Exhibit I in accordance with changes in the Index.
d) Unless otherwise provided in the applicable Award Agreement or Section 11 of the Plan, each Option granted under the Plan shall be nontransferable by the Holder except by will or the laws of descent and distribution of the state or country wherein the Holder is domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability is otherwise appropriate and desirable.
Terms of Stock Options
