Common use of Vesting of Option if Business Relationship Continues Clause in Contracts

Vesting of Option if Business Relationship Continues. If ---------------------------------------------------- the Optionee has continued to serve the Company or any Related Corporation in the capacity of an employee, officer, director or consultant (such service is described herein as maintaining or being involved in a "Business Relationship with the Company") on the following dates, the Optionee may exercise this option for the number of shares of Common Stock set opposite the applicable date: Less than one year from the date hereof - 0 shares One year but less than two years from the - 20% of the Option Shares date hereof Two years but less than three years from - an additional 20% of the the date hereof Option Shares Three years but less than four years from - an additional 20% of the the date hereof Option Shares Four years but less than five years from - an additional 20% of the the date hereof Option Shares Five years or more from the date hereof - an additional 20% of the Option Shares Notwithstanding the foregoing, in accordance with and subject to the provisions of the Plan, the Committee may, in its discretion, accelerate the date that any installment of this Option becomes exercisable. The foregoing rights are cumulative and (subject to Sections 4 or 5 hereof if the Employee ceases to be employed by the Company and all Related Corporations) may be exercised up to and including the date which is ten years from the date this option is granted.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Excel Switching Corp)

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Vesting of Option if Business Relationship Continues. If ---------------------------------------------------- the Optionee has continued to serve the Company Company, its parent (if any) and any present or any future subsidiaries (each a "Related Corporation Corporation") in the capacity of an employee, officer, director or consultant (such service is described herein as maintaining or being involved in a "Business Relationship Relationship" with the Company") on the following dates, the Optionee may exercise this option for the number of shares of Common Stock set opposite the applicable date: Less than one year from the date hereof - 0 shares One year but less than two years from the - 20% of the Option Shares additional date hereof thereof 3,000 shares Two years but less than an additional three years from - an additional 20% of the the date hereof Option Shares 3,000 shares Three years but less than an additional four years from - an additional 20% of the the date hereof Option Shares 3,000 shares Four years but less than an additional five years from - an additional 20% of the the date hereof Option Shares Five years or more from the date hereof - an additional 20% of the Option Shares Notwithstanding the foregoing, in accordance with and subject to the provisions of the Plan, the Committee may, in its discretion, accelerate the date that any installment of this Option becomes exercisable. 3,000 shares The foregoing rights are cumulative and (subject and, while the Optionee continues to Sections 4 or 5 hereof if maintain a Business Relationship with the Employee ceases to be employed by the Company and all Related Corporations) Company, may be exercised up to and including on or before the date which is ten 10 years minus one day, from the date this option is granted. All of the foregoing rights are subject to Sections 3, 4 and 16 as appropriate, if the Optionee ceases to maintain a Business Relationship with the Company, dies, becomes disabled or undergoes dissolution while involved in a Business Relationship with the Company or is terminated for cause.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Peregrine Systems Inc)

Vesting of Option if Business Relationship Continues. If ---------------------------------------------------- the Optionee has continued to serve the Company Company, its parent (if any) and any present or any future subsidiaries (each a "Related Corporation Corporation") in the capacity of an employee, officer, director or consultant (such service is described herein as maintaining or being involved in a "Business Relationship Relationship" with the Company") on the following dates, the Optionee may exercise this option for the number of shares of Common Stock set opposite the applicable date: Less than one year from the date hereof - 0 shares One year but less than two years from the - 20% of the Option Shares additional date hereof thereof 1,000 shares Two years but less than an additional three years from - an additional 20% of the the date hereof Option Shares 1,000 shares Three years but less than an additional four years from - an additional 20% of the the date hereof Option Shares 1,000 shares Four years but less than an additional five years from - an additional 20% of the the date hereof Option Shares Five years or more from the date hereof - an additional 20% of the Option Shares Notwithstanding the foregoing, in accordance with and subject to the provisions of the Plan, the Committee may, in its discretion, accelerate the date that any installment of this Option becomes exercisable. 1,000 shares The foregoing rights are cumulative and (subject and, while the Optionee continues to Sections 4 or 5 hereof if maintain a Business Relationship with the Employee ceases to be employed by the Company and all Related Corporations) Company, may be exercised up to and including on or before the date which is ten 10 years minus one day, from the date this option is granted. All of the foregoing rights are subject to Sections 3, 4 and 16 as appropriate, if the Optionee ceases to maintain a Business Relationship with the Company, dies, becomes disabled or undergoes dissolution while involved in a Business Relationship with the Company or is terminated for cause.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Peregrine Systems Inc)

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Vesting of Option if Business Relationship Continues. If ---------------------------------------------------- the Optionee has continued to serve the Company or any Related Corporation in the capacity of an employee, officer, director or consultant (such service is described herein as maintaining or being involved in a "Business Relationship with the Company") on the following dates, the Optionee may exercise this option for the number of shares of Common Stock set opposite the applicable date: Less than one year from the date hereof - 0 shares One year but less than two years from the - 20% of the Option Shares the date hereof Two years but less than three years from the - an additional 20% of the the Option Shares date hereof Option Shares Three years but less than four years from the - an additional 20% of the the Option Shares date hereof Option Shares Four years but less than five years from the - an additional 20% of the the Option Shares date hereof Option Shares Five years or more from the date hereof - an additional 20% of the Option Shares Notwithstanding the foregoing, in accordance with and subject to the provisions of the Plan, the Committee may, in its discretion, accelerate the date that any installment of this Option becomes exercisable. The foregoing rights are cumulative and (subject to Sections 4 or 5 hereof if the Employee ceases to be employed by the Company and all Related Corporations) may be exercised up to and including the date which is ten years from the date this option is granted.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Excel Switching Corp)

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