Vesting of Option Shares. The Option Shares shall vest (“Vest” and derivations) and become “Vested Option Shares” on the dates set forth in the following Vesting schedule (“Vesting Date”):
Vesting of Option Shares. (a) Unless and until terminated as hereinafter provided, the Option shall become exercisable to the extent of 25% of the Option Shares on the first anniversary of the Date of Grant and to the extent of an additional 25% on each of the second through the fourth anniversary of the Date of Grant so long as Optionee has remained in the continuous employ of the Company or a Subsidiary from the date hereof through such date. For the purposes of this Agreement, the continuous employment of Optionee with the Company or a Subsidiary shall not be deemed to have been interrupted, and Optionee shall not be deemed to have ceased to be an employee of the Company or a Subsidiary, by reason of (i) the transfer of Optionee's employment among the Company and its Subsidiaries or (ii) a leave of absence approved by the Board of not more than 90 days, unless Optionee has a statutory or contractual right to reemployment with the Company or a Subsidiary following an approved leave of absence of more than 90 days. To the extent that the Option shall have so become exercisable, it may be exercised in whole or in part from time to time.
(b) Notwithstanding the provisions of paragraph 2(a) above, the Option shall become immediately exercisable to the extent of 100% of the Option Shares upon the occurrence of a Change in Control. If any event or series of events constituting a Change in Control shall be abandoned, the effect thereof shall be null and of no further force and effect and the provisions of Section 2(a) shall be reinstated but without prejudice to any exercise of the Option that may have occurred prior to such nullification.
(c) Notwithstanding the provisions of paragraph 2(a) above, the Option shall become immediately exercisable to the extent of 100% of the Option Shares upon the death or Disability of Optionee.
Vesting of Option Shares. Shares with respect to which this Option is vested at a given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Vested Shares.” Shares with respect to which this Option is not vested at a given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Unvested Shares.”
Vesting of Option Shares. The Option Shares shall vest (“Vest” and derivations) and become “Vested Option Shares” on February 13, 2007. Without limitation, Vesting with respect to the Option Shares will cease on the date of Grantee’s termination of Service.
Vesting of Option Shares. The Option Shares shall Vest and become Vested Option Shares in accordance with the dates set forth in the following Vesting Schedule:
(i) 25% of the Option Shares on the first anniversary of the Date of Grant,
(ii) 25% of the Option Shares on the second anniversary of the Date of Grant;
(iii) 25% of the Option Shares on the third anniversary of the Date of Grant; and
(iv) 25% of the Option Shares on the fourth anniversary of the Date of Grant. Without limiting the generality of the forgoing, in the event that, prior to the fourth (4th) anniversary of the Date of Grant, either (i) Optionee incurs a Separation by reason of Optionee's death, or Disability, or (ii) there is a Change in Control, then all of the Option Shares which have not previously become Vested Option Shares shall become Vested Option Shares as of the date of such death, Disability or Change in Control.
Vesting of Option Shares. Subject to Section 4.4, each Option shall become Vested in accordance with the Option Agreement or as may be determined by the Board on the Grant Date or as otherwise provided herein.
Vesting of Option Shares. This Option will vest and become exercisable with respect to a number of shares of Common Stock according to the Vesting Schedule described in the Grant Details, except that no shares of Common Stock will vest and become exercisable during the periods described in section 3.1. Once this Option has become exercisable with respect to a number of shares of Common Stock (“Vested Shares”), it will remain exercisable as that number of shares, or any lesser number of shares, until the expiration or termination of this Option.
Vesting of Option Shares. Prior to its expiration or termination, ------------------------ and except as hereinafter provided, the Option may be exercised within the following limitations: after the date hereof, the Option may be exercised as to not more than one-third (1/3) of the total Option shares after the second year, two-thirds (2/3) of the total Option shares after the third year and all of the total Option shares after the fourth year. If the Option is not exercised before the end of the fifth year, it will expire.
Vesting of Option Shares. The Option Shares shall vest and become exercisable in accordance with the following schedule: (a) Tranche A, covering 1,000,000 Option Shares, shall vest and become exercisable with respect to 20% of such Option Shares on each of the first through fourth anniversaries of September 14, 1998, and with respect to the remaining 20% of such Option Shares on September 13, 2003, provided, in each case, that Optionee remains an employee of the Corporation on the applicable vesting date; and (b) Tranche B, covering the remaining 750,000 Option Shares, shall vest and become exercisable on the eighth anniversary of the Grant Date, provided Optionee remains an employee of the Corporation on such date, subject to earlier vesting, however, based upon the Corporation's attainment of the following share price values: (i) 250,000 Option Shares shall vest and become exercisable at such time as the Common Stock's closing price on the New York Stock Exchange is first at or above 20.00 per share; (ii) an additional 250,000 Option Shares shall vest and become exercisable at such time as the Common Stock's closing price on the New York Stock Exchange is first at or above $25.O0 per share; and (iii) an additional 250,000 Option Shares shall vest and become exercisable at such time as the Common Stock's closing price on the New York Stock Exchange is first at or above $30.00 per share; provided further, that in each case, Optionee remains an employee of the Corporation on the applicable vesting date. In addition, (x) all Option Shares shall become immediately vested and fully exercisable upon a "Change in Control", as defined in the Change in Control Agreement between the Corporation and Optionee, provided Optionee remains an employee of the Corporation on the date of such Change in Control; and (y) all unvested Option Shares covered by Tranche A of the Option grant shall become immediately and fully exercisable upon expiration of the Employment Agreement prior to September 13, 2003 as a result of notice of non-renewal given by the Company pursuant to Section 2 of the Employment Agreement. Optionee shall have the right hereunder to purchase only those Option Shares which have become vested and exercisable as provided under this Agreement.
Vesting of Option Shares. The Option Shares shall remain 100% forfeitable, until the fourth (4th) anniversary of the Date of Grant, and on such fourth (4th) anniversary of the Date of Grant, this Option shall become 100% Vested, and all Option Shares subject to this Option shall become "Vested Option Shares". Without limiting the generality of the forgoing, in the event that, prior to the fourth (4th) anniversary of the Date of Grant, either (i) Optionee incurs a Separation by reason of Optionee's death, or Disability, or (ii) there is a Change in Control, then all of the Option Shares which have not previously become Vested Option Shares shall become Vested Option Shares as of the date of such death, disability or Change in Control
