Vesting of Option Rights. (a) Except as otherwise provided in this Agreement, the Option may be exercised by Employee in accordance with the following schedule:
(b) During the lifetime of Employee, the Option shall be exercisable only by Employee and shall not be assignable or transferable by Employee, other than by will or the laws of descent and distribution.
Vesting of Option Rights. (a) Except as otherwise provided in this Agreement, the Option may be exercised by Optionee in accordance with the following schedule:
(b) During the lifetime of Optionee, the Option shall be exercisable only by Optionee and shall not be assignable or transferable by Optionee, other than by will or the laws of descent and distribution.
(c) Notwithstanding the provisions set forth above in Section 2(a), (i) in the event of termination of Optionee’s employment with or Service to the Company as a result of Optionee’s death or Permanent Disability while in the employ or Service of the Company, the next vesting date for the Option, as set out in Section 2(a) above, shall accelerate by twelve (12) months as of such date of termination; and (ii) if, after the initial vesting date set forth above, Optionee ceases to be an employee or provide Service by reason of Ordinary Retirement prior to the vesting of the Option under Sections 2 or 5 hereof, then the vesting of the Option, as set out in Section 2(a) above, shall accelerate in full as of such date of Ordinary Retirement. For purposes of this Agreement, “Ordinary Retirement” shall mean the retirement of the Optionee on a date upon which, if the Optionee is an employee, the sum of the Optionee’s age and number of years of employment with the Company equals or exceeds eighty-five (85) years or, if the Optionee is a non-employee director, the number of years of Service to the Company exceeds five (5) years.
Vesting of Option Rights. (a) Except as otherwise provided in this Agreement, the Option may be exercised by Participant in accordance with the following schedule:
(b) During the lifetime of Participant, the Option shall be exercisable only by Participant and shall not be assignable or transferable by Participant, other than by will or the laws of descent and distribution. Notwithstanding the foregoing, Participant may transfer the Option to any Family Member (as such term is defined in the General Instructions to Form S-8 (or successor to such Instructions or such Form)), provided, however, that (i) Participant may not receive any consideration for such transfer, (ii) the Family Member must agree in writing not to make any subsequent transfers of the Option other than by will or the laws of the descent and distribution and (iii) the Company receives prior written notice of such transfer.
Vesting of Option Rights. Except as otherwise provided in section 3 of this agreement, the Director may exercise the Option in accordance with the following schedule: On or after each of the following dates Number of shares with respect to which the Option is exercisable
Vesting of Option Rights. (a) Unless otherwise provided in this Agreement, the Option shall be exercisable for vested Shares only. The Option shall initially be for unvested Shares, and the Shares shall become vested Shares as follows: (i) 125,000 of the Shares shall become vested Shares on the last day of any consecutive three calendar months when and if the average of the Monthly Average Prices (as defined below) of the Common Stock during such three month period reaches or exceeds $6.00 (as adjusted for any stock dividends, splits, combinations or similar events with respect to the Common Stock after the date of this Agreement) and (ii) the balance of the Shares shall vest on the last day of any consecutive three calendar months when and if the average of the Monthly Average Prices of the Common Stock during such three month period reaches or exceeds $8.00 (as adjusted for any stock dividends, splits, combinations or similar events with respect to the Common Stock after the date of this Agreement); provided that, in each such case (for both clauses (i) and (ii)), Optionee shall have continuously provided Service from the date of this Agreement through the date of such vesting (such proviso, the “Continuous Service Requirement”). The “Monthly Average Price” shall be calculated by adding the closing sales price of one share of the Common Stock as reported by the Exchange for each Trading Day in a given calendar month and dividing such sum by the total number of Trading Days in such month. For the purposes of this Agreement, “Exchange” shall mean the NASDAQ Global Market or the primary securities exchange on which the Company’s common stock is then listed or quoted, and “Trading Day” shall mean any day on which the Common Stock is listed or quoted and traded on the Exchange. For example, if there are 20 Trading Days in each calendar month and the Monthly Average Price was $12.00 in January 2009, $13.50 in February 2009 and $17.00 in March 2009, and if Optionee had continuously provided Service from the date of this Agreement through the end of March 2009, then the first installment (or 125,000 of the Shares) shall vest on March 31, 2009 [(($12.00 ´ 20) + ($13.50 ´ 20) + ($17.00 ´ 20))/60 = $14.16.]. In no event shall any Shares vest after October 15, 2012. Notwithstanding the Continuous Service Requirement, to the extent one or both of the milestones set forth above have not been achieved, if the Monthly Average Price of the Common Stock equals or exceeds $8.00 (or $6.00 if the fir...
Vesting of Option Rights. (a) The Option shall have a vesting commencement date of October 15, 2007 (the “Vesting Commencement Date”), and except as otherwise provided in this Agreement, the Option shall be exercisable for vested Shares only. The Option shall initially be for unvested Shares. Twenty-five percent (25%) of the Shares shall become vested Shares upon the anniversary of the Vesting Commencement Date provided that Optionee must have continuously provided Service during such time. The balance of the Shares shall become vested Shares in a series of thirty-six (36) successive equal monthly installments upon Optionee’s completion of each additional month of Service over the thirty-six (36) month period measured from the anniversary of the Vesting Commencement Date. In no event shall any additional Shares vest after Optionee’s Service ceases.
(b) During the lifetime of Optionee, the Option shall be exercisable only by Optionee and shall not be assignable or transferable by Optionee, other than by will or the laws of descent and distribution. Notwithstanding the foregoing, Optionee may transfer the Option to any Family Member (as such term is defined in the General Instructions to Form S-8 (or successor to such Instructions or such Form)); provided, however, that (i) Optionee may not receive any consideration for such transfer, (ii) the Family Member must agree in writing not to make any subsequent transfers of the Option other than by will or the laws of the descent and distribution and (iii) the Company receives prior written notice of such transfer.
Vesting of Option Rights. The Optionee, provided the Optionee has remained in the continuous service of the Company or a Subsidiary from the Effective Date, may exercise the Option Rights granted under this Agreement during the periods described below (subject to Paragraph 6 below), for the acquisition of the number of Common Shares stated.
(a) All or any part of one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the first anniversary of the Effective Date through the Expiration Date.
(b) All or any part of an additional one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the second anniversary of the Effective Date through the Expiration Date.
(c) All or any part of an additional one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the third anniversary of the Effective Date through the Expiration Date.
Vesting of Option Rights. (a) Except as otherwise provided in Section 3 of this agreement, the Option may be exercised by Holder in full beginning on the date hereof.
(b) During the lifetime of Holder, the Option shall be exercisable only by Holder and shall not be assignable or transferable by Holder, other than by will or the laws of descent and distribution.
Vesting of Option Rights. The Option is fully vested and may be exercised by Employee from and after the date of grant as to any or all of the Shares.
Vesting of Option Rights. (a) Except as otherwise provided in Sections 3 or 4 of this Agreement, the Option may be exercised by Employee in accordance with the following schedule: Effective Date 50,000 1st Anniversary of the Effective Date 100,000 2nd Anniversary of the Effective Date 150,000
(b) Employee understands that, to the extent that the aggregate fair market value (determined at the time the option was granted) of the shares of Common Stock subject to all options held by the Employee that are (i) “incentive stock options” within the meaning of Section 422 of the Code and (ii) exercisable for the first time by Employee during any calendar year exceeds $100,000, in accordance with Section 422(d) of the Code, such options shall be treated as options that do not qualify as incentive stock options.
(c) During the lifetime of Employee, the Option shall be exercisable only by Employee and shall not be assignable or transferable by Employee, other than by will or the laws of descent and distribution.
