Vesting and Exercisability of Options a. Subject to Sections 3(b), (c) and (d) below and Section 4, the Option granted under the Agreement shall vest in accordance with the schedule set forth below; provided the Participant has been in Continuous Service through each vesting date. For purposes of the Agreement, “Continuous Service” shall mean the Participant’s service with the Company or any Subsidiary or Affiliate as an employee, or the Participant’s service as a member of the Board of Directors of the Company, has not been interrupted or terminated, and shall include any period during which the Participant is on an approved leave of absence from the Company or its Subsidiaries or Affiliates.
Vesting and Exercisability of Options. Options to purchase an aggregate of 800,000 Shares of the Corporation shall vest and be exercisable upon the occurrence of the following events, satisfaction of the following conditions and upon or by the following dates:
(a) Options to purchase 125,000 Shares shall vest and be exercisable on the Effective Date;
(b) Options to purchase the remaining aggregate of up to 675,000 Shares shall vest and be exercisable on the second (2nd) anniversary of the Effective Date as long as the Optionee is an Employee (as hereinafter defined) of the Corporation or any of its Subsidiaries as of such date; provided, however, that the dates of vesting and exercisability of Options for the remaining 675,000 Shares shall be accelerated to such dates upon which the following performance tests shall have been satisfied; provided further, however, that the outside date for the satisfaction of each such performance shall be the second (2nd) anniversary of the Effective Date and no such performance test may be satisfied, in whole or in part, after such second (2nd) anniversary of the Effective Date:
(i) Options to purchase an additional 175,000 Shares shall vest and become exercisable if the Shares shall achieve and maintain the Fair Market Value of $5 per Share for a minimum of twenty (20) consecutive trading days thereafter (each such period, a "FMV Period");
(ii) Options to purchase an additional 225,000 Shares shall vest and become exercisable if the Shares shall achieve and maintain the Fair Market Value of $7.50 per Share for a minimum of a FMV Period;
(iii) Options to purchase an additional 275,000 Shares shall vest and become exercisable if the Shares shall achieve and maintain the Fair Market Value of $12.50 per Share for a minimum of a FMV Period; provided, however, that:
(A) In the event that the Shares achieve either of the Fair Market Values set forth in Sections 3(b)(ii) or 3(b)(iii) above before satisfying the Fair Market Value test under Section 3(b)(i) above, or in the event that the Shares achieve the Fair Market Value test set forth in Section 3(b)(iii) above before satisfying the Fair Market Value test under Section 3(b)(ii), then the Options to purchase the total number of Shares shall vest cumulatively at the respective exercise prices set forth in Sections 3(b)(i), 3(b)(ii) and/or 3(b)(iii), as the case may be; and
(B) As used in this Section 3(b), for purposes of determining the twenty (20) trading days comprising the FMV Period, any business day upon which...
Vesting and Exercisability of Options. The Options shall vest and become exercisable in accordance with the vesting schedule set forth on Schedule A, provided that no Partial Exercise of an Option shall be for an aggregate exercise price of less than $1,000.
Vesting and Exercisability of Options. (a) Subject to the terms and conditions set forth herein and provided the Optionee’s employment or service continues, the Options shall vest and become exercisable in accordance with the following schedule:
(i) one-fourth of the Options shall vest and become exercisable on the one-year anniversary of the Grant Date;
(ii) an additional one-fourth of the Options shall vest and become exercisable on the two-year anniversary of the Grant Date;
(iii) an additional one-fourth of the Options shall vest and become exercisable on the three-year anniversary of the Grant Date; and
(iv) the remainder of the Options shall vest and become exercisable on the four-year anniversary of the Grant Date. provided, however, that no Options shall become exercisable (even though vested) prior to the date on which the Approvals have been obtained and the Options that would have become exercisable prior to the date the Approvals are obtained, but for this prohibition on exercisability prior to the date the Approvals are obtained, shall become exercisable on the date that the Approvals are obtained; and further provided, however, that, except as otherwise set forth in Optionee’s Employment Agreement or in a severance policy of the Company applicable to Optionee, no vesting shall occur following the Optionee’s termination of employment or service with the Company and all Affiliates.
(b) The Options shall vest only as to full shares of Stock rounded down to the nearest full share during the first three vesting dates and all fractions shall be amalgamated and become exercisable on the last vesting date. Except as otherwise stated in this Agreement, the Options shall expire on the seven-year anniversary of the Grant Date.
Vesting and Exercisability of Options. (a) Subject to the terms and conditions set forth herein and provided the Optionee’s employment or service continues,
Vesting and Exercisability of Options. Except as otherwise provided, the Options shall vest and become exercisable as to 100% of the shares of the Company Stock covered thereby on the first anniversary of the date of grant and shall expire ten years from the date of grant.
Vesting and Exercisability of Options. (a) Post-Termination Exercise Period Subject to the provisions of Section 3(b) (Disability or Death), Section 3(c) (Retirement), Section 3(d) (Qualifying Termination), and Section 3(e) (Change in Control Termination), all rights to exercise this option shall terminate thirty (30) days after the Optionholder ceases to be an employee of the Company or of a subsidiary or affiliate of the Company.
Vesting and Exercisability of Options. (a) Except as set forth in this Paragraph and in Paragraph 6, ten percent (10%) of the Option Shares shall vest and be exercisable at any time on or after May 1, 1999, and an additional ten percent (10%) of the Option Shares shall vest and be exercisable at any time on or after each subsequent May 1, on a cumulative basis.
(b) In the event of a Change in Control of the Bank, this Option shall become immediately exercisable with respect to all Option Shares at any time on or after such event. For purposes of this Option, a "Change in Control" means any of the following:
Vesting and Exercisability of Options. Subject to the provisions of this Agreement and the Plan, the Option shall vest and become exercisable with respect to the total number of shares which may be purchased pursuant to the Option on the first anniversary of the Grant Date.
Vesting and Exercisability of Options. (a) Subject to Sections 3(b), (c) and (d) below, the Option granted under the Agreement shall vest in accordance with the schedule set forth below; provided, the Participant has been in Continuous Service through each vesting date. For purposes of the Agreement, "Continuous Service" shall mean the Participant's service with the Company or any Subsidiary or Affiliate as an employee, or the Participant's service as a member of the Board of Directors of the Company, has not been interrupted or terminated, and shall include any period during which the Participant is on an approved leave of absence from the Company or its Subsidiaries or Affiliates. VESTING DATE OPTION VESTING ------------ -------------- The Participant may exercise the Option with respect to the number of Shares that have vested, provided that the Option shall terminate at the close of business on _______________, 20___ (the "Option Termination Date"). The Option may be exercised in whole or in part, but only with respect to full Shares, and shall be void and of no effect after the Option Termination Date, unless cancelled earlier pursuant to Section 3(b), (c) or (d) below.
