TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(b) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 2000; (ii) on and after September 25, 2000, the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on and after September 25, 2001, the Option may be exercised as to an additional seventy five thousand shares covered thereby; and (iv) on and after September 25, 2002, the Option may be exercised as to the remaining seventy five thousand shares covered thereby.
(b) Notwithstanding Section 2(a) hereof, the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Company. For the purposes of this Section 2(b), a "Change in Control" of the Company shall be deemed to have occurred if:
(i) any person (as defined in Section 13(d) or 14(d)(2) of the 0000 Xxx) shall have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities;
(ii) the Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors;
TIME OF EXERCISE OF THE OPTION. (a) Subject to Paragraph 2(b) below, the aforesaid Option may be exercised as follows: [TBD]
(b) Unless otherwise determined by the committee established to administer the Plan (the “Committee”), in the event that the Grantee is a “covered employee” (as defined in Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), the Option shall not be exercisable by such Grantee in any taxable year to the extent that the exercise of the Option would cause the Grantee’s total compensation to exceed the limits for deductible compensation under Section 162(m) of the Code for the taxable year.
TIME OF EXERCISE OF THE OPTION. The aforesaid Option may be exercised as follows: [TBD]
TIME OF EXERCISE OF THE OPTION. The Option shall become exercisable by Optionee, as follows:
(a) shares on _______________;
(b) additional shares on _______________; and
(c) additional shares on _______________. Subject to the foregoing, the Option shall be exercisable until termination of the Option as provided in Section 7 below and in the Plan. However, notwithstanding the provisions of Sections 7.1, 7.2, and 7.3 of this Agreement, the Option will cease vesting as of the date of the death, disability, or termination of Optionee’s employment with the Company or a Subsidiary, and the Option will thereafter (until the termination of the Option pursuant to Section 7 below) represent the right to purchase only the number of shares as to which the Option was exercisable as of the date of such death, disability, or termination of employment.
TIME OF EXERCISE OF THE OPTION. The Option shall vest, and may be exercised, in accordance with the Vesting Schedule Set out above. The Option shall terminate and shall no longer be exercisable on and after the tenth anniversary of the Grant Date.
TIME OF EXERCISE OF THE OPTION. During the first year the Option is outstanding it may not be exercised with respect to any of the shares covered thereby; during the second year it may be exercised as to not more than 20% of the total number of shares covered thereby, less the number of shares previously purchased thereunder; during the third year it may be exercised as to not more than 40% of the total number of shares covered thereby, less the number of shares previously purchased thereunder; during the fourth year it may be exercised as to not more than 60% of the total number of shares covered thereby, less the number of shares previously purchased thereunder; during the fifth year it may be exercised as to not more than 80% of the total number of shares covered thereby, less the number of shares previously purchased thereunder; and during the sixth year and thereafter the Option may be exercised as to all or any of the shares covered thereby, less the number of shares previously purchased thereunder, but it shall not be exercisable after the expiration of 10 years and one day from the date hereof.
TIME OF EXERCISE OF THE OPTION. These incentive stock options are not vested. On July 16, 1999 (1st anniversary of date of grant), an option to purchase 100,000 (ie. 20%) shares will become vested. The remaining incentive stock options will vest at the rate of 100,000 shares on each anniversary date thereafter (ie. July 16, 2000; July 16, 2001; July 16, 2002; and July 16, 2003). No further vesting of shares shall occur on or after the date either party gives notice of termination of the employment of the Executive for whatever reason(s). Subject to the option termination provision hereinafter set forth, the option may be exercised by the Executive at any time during the Employment Period or Renewal Term if the Executive Employment Agreement has been renewed, by written notice given by certified mail return receipt requested to the Company's President and/or CEO. These options are not assignable by the Executive. If the Executive's employment with the Company is terminated pursuant to Section 4(b) of the Executive Employment Agreement, then the Executive's option to purchase the Shares and the vesting of said shares as described above, shall terminate within ninety (90) days after the Executive receives written notice that his employment with the Company is being terminated. In the event that the Executive's employment is terminated with cause as provided in the Executive Employment Agreement and/or voluntarily by the Executive, then the Executive's option to purchase the Shares and the vesting of the shares as described above shall terminate effective on the earlier of the date he is terminated, or the date he received written notice of his termination, or the date upon which the act or omission giving rise to Executive's termination for cause occurred. If the Executive's employment with the Company is terminated due to death or disability, then the Executive's option to purchase the Shares and the vesting of said shares as described above, shall terminate (a) in the event of disability, within one (1) year after the Executive's employment with the Company is terminated as a result of any disability or, (b) in the event of death, within six (6) months of the Executive's death. If the Executive's employment with the Company terminates as a result of the term of the Employment Period ending and/or the term of the Renewal Term ending as provided in the Executive's Employment Agreement, than the Executive's option to purchase the shares shall terminate and be of no further effect. The Shares...
TIME OF EXERCISE OF THE OPTION. During the first three years the Option is outstanding it may not be exercised with respect to any of the Shares, except to the extent provided under the Plan in the event of a Change of Control of the Corporation. Subject to the provisions of Sections 4 and 5 of this Agreement, during the fourth year and thereafter the Option may be exercised as to all or any of the Shares, less the number of Shares previously purchased thereunder, but it shall not be exercisable after the expiration of six years from the date hereof.
TIME OF EXERCISE OF THE OPTION. The Option shall become exercisable by Optionee, as follows:
(a) (1/3 of total) shares on (1st anniversary date);
(b) (1/3 of total ) additional shares on (2nd Anniversary date); and
(c) (1/3 of total ) additional shares on (3rd anniversary date). Subject to the foregoing, the Option shall be exercisable until termination of the Option as provided in Section 7 below and in the Plan. However, notwithstanding the provisions of Sections 7.1, 7.2, and 7.3 of this Agreement, the Option will cease vesting as of the date of the death, disability, or termination of Optionee’s employment with the Company or a Subsidiary, and the Option will thereafter (until the termination of the Option pursuant to Section 7 below) represent the right to purchase only the number of shares as to which the Option was exercisable as of the date of such death, disability, or termination of employment.
TIME OF EXERCISE OF THE OPTION. The Option shall become exercisable by Optionee, as follows:
(a) shares on ;
(b) additional shares on ; and
(c) additional shares on . Subject to the foregoing, the Option shall be exercisable until termination of the Option as provided in Section 7 below and in the Plan.
