Common use of Vesting of the Options Clause in Contracts

Vesting of the Options. (a) Subject to earlier expiration or termination as provided herein, the Options will be vested and exercisable based on the vesting criteria set forth in the attached Exhibit A. (b) The Board may, in its sole discretion, accelerate the vesting and exercisability of all or a portion of the Options without regard to whether the requirements for vesting and exercisability thereof in subparagraph 3(a) have been met. (c) For purposes of this Agreement, Affiliate means any entity that is part of a controlled group of corporations or is under common control with the Company within the meaning of Sections 1563(a), 414(b) or 414(c) if the Internal Revenue Code of 1986, as amended (the “Code”), except that, in making any such determination, 50 percent shall be substituted for 80 percent under such Code Sections and the related regulations.

Appears in 6 contracts

Samples: Nonqualified Stock Option Agreement (Key Mining Corp.), Nonqualified Stock Option Agreement (Key Mining Corp.), Nonqualified Stock Option Agreement (Key Mining Corp.)

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