Third Option. Contemporaneously with the delivery of the Option IND Package for the third Option Target, Surface will provide an Option Selection Notice to Novartis indicating whether the Option for the third Option Target will be a Regional Option or a Global Option. Notwithstanding the foregoing, if Novartis provided a Novartis Deferral Notice in accordance with Section 4.2.3.2, then contemporaneously with the delivery of the Option Exercise Notice for the third Option Target, Novartis will provide an Option Selection Notice to Surface indicating whether the Option for the third Option Target will be a Regional Option or a Global Option or whether Novartis will terminate its rights to such Option Target in accordance with Section 4.1.2.
Third Option. Following the Closing Date, and subject to the approval of the Board, the Committee or the Delegate, as applicable, and subject to the achievement of certain Company performance milestones established by, and in the sole discretion of, the Board, the Committee or the Delegate, as applicable, Executive shall be eligible to receive a stock option grant with a grant date fair value of $3,000,000 (the “Third Option”). The exercise price per share will be equal to the fair market value per share on the date the Third Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. Executive should consult with Executive’s own tax advisor concerning the tax risks associated with accepting an option to purchase a share of the Company’s common stock. The term of the Third Option shall be ten (10) years, subject to earlier expiration in the event of the termination of Executive’s services to the Company. Subject to any vesting acceleration rights Executive may have, the Third Option will vest on a monthly basis over a 4-year period, subject to Executive continuing to provide services to the Company through each vesting date. The Third Option will be subject to the terms, definitions and provisions of the Equity Plan and the stock option agreement by and between Executive and the Company evidencing the grant of the Third Option, which Executive will be required to sign, both of which documents are incorporated herein by reference.
Third Option. If the Tenant exercised the First Option and the Second Option, then provided the Tenant is not then in material default under the Lease or the Offer to Lease, the Landlord will, at the expiration of the Second Extended Term and on the written request of the Tenant delivered not later than 6 months and not earlier than 18 months before the expiration of the Second Extended Term, grant the Tenant one option to renew (the “Third Option”) for a further 5 years (the “Third Extended Term”). The Tenant’s failure to exercise this option with the time period specified shall render the Third Option null and void and incapable of further exercise. If the Tenant exercise the Third Option within the time specified, then:
Third Option. One (1) – five (5) year term commencing April 1, 2012 and ending March 31, 2017; and, iv)
Third Option. In addition to the IPO Award, the First Option and Second Option above, the Company shall grant to the Executive, under the Company's Incentive Stock Plan and the Option Grant, attached hereto as Exhibit "C" and incorporated herein, an option (the "Third Option") to purchase up to 25,000 shares of the Company's voting common stock at an exercise price equal to the price per share to the public set forth on the cover of the prospectus relating to the IPO. The Third Option shall terminate on the tenth anniversary of the grant of the Third Option, subject to earlier termination as may be set forth in this Agreement, the Incentive Stock Plan or the Option Grant. The Third Option is in addition to any other option award or grant which may be made to the Executive during his employment.
Third Option. The Company shall grant to the Employee an incentive stock option (to the extent allowable) to purchase a total of 175,000 shares of the Company’s Common Stock (the “Third Option”). The exercise price of the Third Option shall equal the fair market value of a share as of the date of grant. Subject to the Employee’s continued employment with the Company, the Third Option shall vest and become exercisable as to 1/7 of the shares subject to the Third Option on the first annual anniversary of the Effective Date, and an additional 1/84th of the shares subject to the Third Option shall vest and become exercisable on each subsequent monthly anniversary of the Effective Date. Notwithstanding the foregoing (x) all of the then unvested portion of the Third Option shall become vested and exercisable immediately upon the earlier to occur of the following events, so long as such event occurs within two years of the Effective Date: (i) such time as the closing sales price of the Company’s Common Stock on the Nasdaq National Market (or such other established stock exchange or national market system on which the Company’s Common Stock is listed) exceeds $14.00 per share for 30 consecutive trading days or (ii) the consummation of a Change of Control pursuant to which the holders of the Company’s Common Stock receive consideration having a fair market value (as determined by the Board) of not less than $14.00 per share and (y) a portion of the then unvested portion of the Third Option shall become vested and exercisable upon the occurrence of certain events as provided in Section 6(b) below. The form of stock option agreement pertaining to the Third Option is attached hereto as Exhibit C.
Third Option. (1) Subject to the exercise of the Second Option, the Option Grantor hereby grants to the Option Earner the right to increase its undivided beneficial interest in the Assets a further 5% (the “Third Option”), which the Option Earner may exercise in its sole discretion by:
Third Option. The Executive is granted an option to purchase one million one hundred seventy-nine thousand one hundred sixty-six shares (1,179,166) shares of the Company’s common stock (the “Third Option”). The Third Option will vest over forty-eight (48) months so long as the Executive provides Continuous Service to the Company in accordance with the Plan, according to the following schedule: i) one-forty-eighth (1/48th) of the Third Option shares shall vest on February 17, 2009; and ii) thereafter one-forty-eighth (1/48th) of the Third Option Shares shall vest on the final day of each month. Notwithstanding the vesting schedule set forth above, if a PMA relating to Atrial Flutter filed by the Company is approved by the Food and Drug Administration on or prior to March 31, 2006, so long as the Executive provides Continuous Service to the Company in accordance with the Plan, the vesting of the Third Option will accelerate such that one-fourth (1/4th) of the Third Option shares shall vest on January 17, 2006 and thereafter one-forty-eighth (1/48th) of the Third Option shares shall vest on the final day of each month.
Third Option. In the event the Tenant exercises its first and second options to extend this lease, Tenant is granted the option to extend this lease for an additional term of five (5) years, commencing at the termination of the second extended period and ending five (5) years thereafter, if Tenant is not in default in any manner of the provisions hereof, and if Tenant shall give Lessor written notice of Tenant's election to renew and extend at least ninety (90) days before the expiration of said second extended term.
Third Option. The Selling Shareholder hereby grants Pubco the sole and exclusive right and option to purchase 300 Priveco Shares from the Selling Shareholder in consideration for the allotment and issuance of 6,000,000 Pubco Shares and 6,000,000 Pubco Warrants to the Selling Shareholder or at the Selling Shareholder’s direction (the “Third Option”). The First Option shall be exercisable by Pubco for a period of three (3) years beginning on January 1, 2023.
