Time-Vested Options. One-half (1/2) of the Tranche 1 Non-Statutory Stock Options and one-half (1/2) of the Tranche 2 Non-Statutory Stock Options (together, the “Time-Vested Options”) shall vest based on elapsed time, subject to the continuous existence of a Service Relationship between the Company and the Grantee until each applicable vesting date, as follows: First Vesting DateDecember 21, 2019 Second Vesting DateDecember 21, 2020 Third Vesting DateDecember 21, 2021 Fourth Vesting DateDecember 21, 2022 Fifth Vesting DateDecember 21, 2023 Cumulative Vested Percentage (Number of Time-Vested Options) 20%(180,000 options) 40%(360,000 options) 60%(540,000 options) 80%(720,000 options) 100%(900,000 options)
Time-Vested Options. On February 1 of each calendar year during the term of this Agreement or the first day thereafter that the Company is permitted to make option grants to executives of the Company (each, a “Grant Date”), Executive shall receive a grant of stock options (“Time Vested Options”) to purchase Common Shares (“Shares”) of the Company pursuant to the iAnthus Capital Holdings, Inc. Amended and Restated Omnibus Incentive Plan (the “Plan”) with a value (the “Option Value”) equal to Five Hundred and Fifty Thousand Dollars and No Cents ($550,000.00) per annum, which shall be incentive stock options to the maximum extent permitted. The exercise price of the Time Vested Option shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter next following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement (as defined in the Plan). Executive acknowledges that the options to purchase 170,368 Common Shares on August 6, 2019 reflect the Time Vested Option grants for calendar year 2019.
Time-Vested Options. Subject to Optionee’s continued Service, as defined in Section 4 herein, Optionee’s Time Vested Options shall vest as to (i) 25% of the Shares underlying such Time Vested Options on the one-year anniversary of the date of grant, (ii) as to an additional 2% of the Shares underlying such Time Vested Options on each monthly anniversary of the date of grant over the subsequent 33-month period following such one-year anniversary of the date of grant, and (iii) an additional 3% of the Shares underlying such Time Vested Options on each of the 46th, 47th and 48th monthly anniversary of the date of grant; provided, however, in the event that Optionee’s Service is terminated by the Company without Cause or as a result of his or her death or Disability, on the date of such termination, an additional number of Time Vested Options shall vest equal to the number of Time Vested Options that would otherwise have vested (solely as a result of the passage of time) within the 12-month period immediately following the date of such termination.
Time-Vested Options. In connection with the annual grants to be made in 2001, Time-Vested Options to purchase 150,000 shares shall be granted to the Employee and, in connection with the annual grants to be made in 2002, Time-Vested Options to purchase an additional 150,000 shares shall be granted to the Employee. Each grant of Time-Vested Options shall be subject to the terms of the stock option agreement which will accompany the grant and will be entered into between the Company and the Employee, provided, however, that the terms contained in such stock option agreements shall be consistent with the terms of this Agreement. Except as otherwise provided for in this Agreement, the Time-Vested Options shall vest based on the continued employment of the Employee in equal quarterly installments of 1/16 of the number of subject shares on the last day of each of the 16 consecutive calendar quarters ending following the date of grant. The exercise price of the Time-Vested Options shall be the market price per share on the date of each grant. The Time-Vested Options shall have a 10-year term of exercise.
Time-Vested Options. You and the Company acknowledge and agree that on September 23, 2020, the Board granted you a stock option to purchase shares of the common stock of the Company (the “Time-Vested Options”) under the Company’s 2016 Stock Incentive Plan, as amended (the “2016 Plan”), and a stock option agreement thereunder (the “Service-Based Option Agreement”), with a grant date value of $1,500,000 (calculated as set forth on Exhibit C). 25% of the Time-Vested Options shall vest on the first anniversary of June 15, 2020, with the remaining 75% vesting in equal quarterly installments over the three years thereafter. If during the twenty-four (24) month period following a Change in Control your employment is terminated without Cause by the Company or by you for Good Reason, then 100% of the Time-Vested Options shall be fully vested upon such termination. All vesting is subject to your continued employment with the Company through the applicable vesting date or event except as explicitly set forth herein. Except as described in this Section 3(f)(i), the Time-Vested Options reflect the Company’s standard terms and conditions for grants of equity compensation (including an exercise price at fair market value on the date of grant).
Time-Vested Options. Subject to the Holder’s continuous employment with the Employer, twenty percent (20%) of the Time-Vested Options shall vest upon the one (1) year anniversary of the Vesting Commencement Date, and the remainder of the Time-Vested Options shall vest in substantially equal monthly installments during the forty-eight (48) months thereafter (such that one and two thirds percent (1 2⁄3%) of the Time-Vested Options shall vest upon each subsequent monthly anniversary of the Vesting Commencement Date during such period). Notwithstanding anything herein to the contrary, in the event that a Change in Control occurs, and the Holder experiences a Termination by the Employer (or its successor) without Cause or by the Holder for Good Reason, in either case subsequent to the consummation of such Change of Control but prior to the one year anniversary of such consummation, all unvested Time Vested Options shall vest in full upon such Termination.
Time-Vested Options. Twenty percent (20%) of the Time Vested Options shall be fully vested and exercisable on the Date of Grant, and an additional twenty percent (20%) shall vest and become exercisable on each of the first, second, third and fourth anniversaries of the Date of Grant. All Time Vested Options shall become fully vested and exercisable upon a Change in Control.
Time-Vested Options. In connection with the annual grants to be made in 2002, Time-Vested Options to purchase 250,000 shares of Common Stock shall be granted to the Executive. In addition, in connection with the annual grants to be made in 2003 and 2004, Time-Vested Options to purchase an additional 250,000 shares of Common Stock shall be granted to the Executive in each year; provided however, that the grants in 2003 and 2004 shall be made only if and to the extent that the percentage dilution represented by the number of all then outstanding options to employees of the Company (including any grants made pursuant to this Agreement) divided by the number of shares of Common Stock then outstanding would be no greater than the percentage dilution, as of the date of this Agreement, represented by the number of all then outstanding options to employees of the Company (excluding any grants made pursuant to this Agreement) divided by the number of shares of Common Stock then outstanding. In the event that the grants in 2003 and/or in 2004 cannot be made, in whole or in part, due to the preceding sentence, the Company and the Executive shall in good faith negotiate the terms of a substitute compensatory arrangement. Except as otherwise provided for in this Agreement, all Time-Vested Options granted pursuant to this section shall vest based on the continued employment of the Executive in equal quarterly installments of 1/16 of the number of subject shares on the last day of each of the 16 consecutive calendar quarters ending following the date of grant. The exercise price of the Time-Vested Options shall be the market price per share on the date of each grant. The Time-Vested Options shall have a 10-year term of exercise and, except as otherwise provided in this Agreement, shall remain exercisable following vesting for the full term without regard to the employment status of the Executive. The Time-Vested Options shall be intended to qualify as an "incentive stock option" to the maximum extent permissible under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").
Time-Vested Options. One-third (1/3) of the Non-Statutory Stock Options granted hereunder shall vest based on elapsed time, as set forth on Appendix B, subject to the continuous existence of a Service Relationship between the Company and the Grantee until each applicable vesting date, except as otherwise provided in Sections 3(b) and 6 below.
Time-Vested Options. One-third (1/3) of the Non-Statutory Stock Options granted hereunder shall vest based on elapsed time, subject to the continuous existence of a Service Relationship between the Company and the Grantee until each applicable vesting date, as follows: First Vesting DateMarch 15, 2019 Second Vesting DateMarch 15, 2020 Third Vesting DateMarch 15, 2021 Fourth Vesting DateMarch 15, 2022 Fifth Vesting DateMarch 15, 2023 Cumulative Vested Percentage of the 1/3 (Number of Options) 20%X options 40%X options 60%X options 80%X options 100%X options
