Common use of Vesting of Option Clause in Contracts

Vesting of Option. Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term that Optionee serves as a Director of the Company in five (5) equal annual installments of twenty percent (20%) of the Shares covered by this Option, the first installment to be exercisable on the first anniversary of the date of this Option, with an additional twenty percent (20%) of such Shares becoming exercisable on each of the four (4) successive anniversary dates. The installments shall be cumulative (i.e., this option may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this Option).

Appears in 11 contracts

Samples: Nonstatutory Stock Option Agreement (Hepalife Technologies Inc), Nonstatutory Stock Option Agreement (Entheos Technologies Inc), Nonstatutory Stock Option Agreement (International Energy, Inc.)

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Vesting of Option. Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term that Optionee serves as a Director an Officer of the Company in five (5) equal annual installments of twenty percent (20%) of the Shares covered by this Option, the first installment to be exercisable on the first anniversary of the date of this Option, with an additional twenty percent (20%) of such Shares becoming exercisable on each of the four (4) successive anniversary dates. The installments shall be cumulative (i.e., this option may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this Option).

Appears in 2 contracts

Samples: Nonstatutory Stock Option Agreement (International Energy, Inc.), Nonstatutory Stock Option Agreement (Entheos Technologies Inc)

Vesting of Option. Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term that Optionee serves as a Director of consultant to the Company in five (5) equal annual installments of twenty percent (20%) of the Shares covered by this Option, the first installment to be exercisable on the first anniversary of the date of this Option, with an additional twenty percent (20%) of such Shares becoming exercisable on each of the four (4) successive anniversary dates. The installments shall be cumulative (i.e., this option may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this Option).

Appears in 1 contract

Samples: Nonstatutory Stock Option Agreement (Octillion Corp)

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Vesting of Option. Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term that Optionee serves of Optionee's engagement as a Director of the Company director in five three (53) equal annual installments of twenty thirty three percent (2033.3%) of the Shares covered by this Option, the first installment to be exercisable immediately and the balance to be exercisable in equal tranches on the first and second anniversary of the date of this Option, with an additional twenty percent (20%) of such Shares becoming exercisable on each of the four (4) successive anniversary dates. The installments shall be cumulative (i.e., this option may be exercised, as to any or all shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this Optionoption).

Appears in 1 contract

Samples: Nonstatutory Stock Option Agreement (AMP Holding Inc.)

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