Vesting of Reserved Employee Shares. The Company shall not grant to any of its employees options to purchase Reserved Employee Shares which will become exercisable at a rate in excess of 25% per annum from the date of such grant (except as set forth on Schedule II) without the consent of the Board of Directors.
Vesting of Reserved Employee Shares. The Company shall not ----------------------------------- grant to any of its directors, employees or consultants options to purchase Common Stock which will become exercisable at a rate in excess of 20% per annum from the date of such grant without the unanimous written consent of those members of the Company's Board of Directors elected solely by the holders of Series A Convertible Preferred Stock.
Vesting of Reserved Employee Shares. The Company shall not grant to any of its employees options to purchase Reserved Employee Shares which will become exercisable at a rate in excess of 33-1/3% per annum from the date of such grant without the unanimous written consent of the Preferred Directors; provided, however, that options granted under the Company's Management Stock Option Plan will vest one-sixth in year one, two-sixths in year two and three-sixths in year three.
Vesting of Reserved Employee Shares. The Company shall not grant after the date of this Agreement to any of its directors, officers, employees or consultants options or other rights to purchase Reserved Employee Shares in an amount exceeding in the aggregate 100,000 shares (appropriately adjusted to reflect stock splits, stock dividends, combinations of shares, recapitalizations and the like with respect to the Common Stock), which shares may not become exercisable or vest, as the case may be, (i) prior to the first anniversary of the date of grant and (ii) at a rate in excess of 20% per annum from the date of such grant.
Vesting of Reserved Employee Shares. Except as disclosed in ----------------------------------- the Plans, the Disclosure Letter delivered pursuant to the Purchase Agreement or as otherwise approved by the Board of Directors, the Company shall not grant to any of its employees options to purchase Reserved Employee Shares which will become exercisable at a rate in excess of 25% per annum from the date of such grant, nor will the Company accelerate the vesting of any outstanding options without prior consultation with the Investor.
Vesting of Reserved Employee Shares. The Company shall not grant to any of its employees options to purchase Reserved Employee Shares which will become exercisable at a rate in excess of 20% per annum from the date of such grant without the unanimous written consent of that member of the Company's Board of Directors nominated by the holders of the Notes and the Warrants or, upon the approval of the Charter Amendment at the Stockholders' Meeting, the filing of the Charter Amendment with the Secretary of State of the State of New York and the creation of the Preferred Stock, elected by the holders of the Preferred Shares.
Vesting of Reserved Employee Shares. The Company and each of its Subsidiaries shall not grant to any of its respective employees options to purchase Reserved Employee Shares which will become exercisable at a rate in excess of 25% per annum from the date of such grant without the consent of a majority of the outstanding shares of Preferred Stock. The Company and each of its Subsidiaries will require, as a condition of any grant, that such grant be pursuant to a form of option agreement approved by the Board of Directors. Such option agreement shall contain provisions granting the Company or any of its Subsidiaries a right of first refusal on transfers of such securities by an optionee to third parties. In the event the Company or any of its Subsidiaries issues securities to any person or entity pursuant to which such person or entity will own 1% of the outstanding Common Stock on a fully diluted basis, such person or entity shall become a party to the Stockholders Agreement as a “Stockholder” (as such term is defined in the Stockholders Agreement).
Vesting of Reserved Employee Shares. Except as set forth on schedules to the Series C Agreement, the Company shall not grant to any of its employees options to purchase shares of Common Stock pursuant to a stock option plan which will become exercisable at a rate in excess of twenty percent (20%) per annum from the date of such grant with the first vesting occurring after the first year of employment (except in the case of merger, consolidation, sale of all (or substantially all) of the assets of the Company, or other business combination involving the sale or transfer of all (or substantially all) of the capital stock of the Company in which the Company is not the surviving entity, or, if it is the surviving entity, either (i) does not survive as
Vesting of Reserved Employee Shares. BCC shall not grant to any of its employees options to purchase shares of BCC's capital stock which will become exercisable at a rate in excess of 25% per annum from the date of such grant without the unanimous written consent of those members of BCC's Board of Directors elected solely by the holders of Series B Stock.
Vesting of Reserved Employee Shares. Except as set forth in Section 4(i) of the Disclosure Schedule, from and after the date hereof, without the written consent of a majority of the Series A Directors, the Company shall not grant to any of its current or future employees, consultants, directors or advisors options to purchase shares of Common Stock which will become exercisable, or awards of Common Stock which will vest, at a rate in excess of 25% at the first anniversary of such grant or award and 6.25% per quarter thereafter.
