Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of the Plan, the Optioned Shares shall vest, and the Stock Option shall become exercisable, as follows: i. percent (___%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, [on the first anniversary of the Date of Grant], provided the Participant is employed by (or, if the Participant is a consultant or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to that date. ii. One and two-thirds percent (1 2/3%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, on the last day of each month subsequent to [the first anniversary of the Date of Grant], through and including ____________, 200__, provided the Participant is employed by the Company or a Subsidiary from the Date of Grant to each such date. iii. All of the Optioned Shares not previously vested shall immediately become fully vested, and this Stock Option shall become fully exercisable, if not previously exercisable, upon the effective date of the earliest to occur of the following: (i) a Change of Control, (ii) the Participant's Termination of Service by the Participant for Good Reason, (iii) the Participant's Termination of Service by the Company without Cause, or (iv) the Participant's Termination of Service due to the Participant's permanent disability or death in accordance with the terms of the Employment Agreement. For purposes of this Stock Option, "GOOD REASON," and "CAUSE" shall be EXHIBIT 10.18 given the same meanings assigned to such terms in the Employment Agreement, dated as of _____, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT").
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc)
Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of subject to certain restrictions and conditions set forth in the Plan, the Optioned Shares shall vest, be vested and the Stock Option shall become exercisable, be exercisable as follows:
i. percent a. One-half (___%1/2) of the total Optioned Shares shall vest, vest and that portion of the Stock Option shall become exercisable, [be exercisable on the first second anniversary of the Date of Grant]Xxxxx, provided the Participant is employed by (or, if the Participant is a consultant Contractor or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to on that date.
ii. One and twob. One-thirds percent half (1 2/3%1/2) of the total Optioned Shares shall vest, vest and that portion of the Stock Option shall become exercisable, exercisable on the last day of each month subsequent to [the first fourth anniversary of the Date of Grant], through and including ____________, 200__, provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary from on that date. Notwithstanding the Date foregoing, if within thirty (30) days prior to or twelve (12) months following a Change in Control (as defined in the Employment Agreement), the Participant incurs a Termination of Grant Service by the Company without Just Cause (as defined in the Employment Agreement) or by the Participant with or without Good Reason (as defined in the Employment Agreement), then effective immediately prior to each such date.
iii. All Termination of Service, the total Optioned Shares not previously vested shall thereupon immediately become fully vested, and this Stock Option shall become fully exercisable, if not previously so exercisable, upon the effective date of the earliest to occur of the following: (i) a Change of Control, (ii) the Participant's Termination of Service by the Participant for Good Reason, (iii) the Participant's Termination of Service by the Company without Cause, or (iv) the Participant's Termination of Service due to the Participant's permanent disability or death in accordance with the terms of the Employment Agreement. For purposes of this Stock Option, "GOOD REASON," and "CAUSE" shall be EXHIBIT 10.18 given the same meanings assigned to such terms in the Employment Agreement, dated as of _____, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT").
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Matador Resources Co)
Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of the Plan, the Optioned Shares shall vest, and the Stock Option shall become exercisable, as follows:
i. twenty percent (___20%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, [on the first anniversary of the Date of Grant], provided the Participant is employed by (or, if the Participant is a consultant or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to that date.
ii. One and two-thirds percent (1 2/3%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, on the last day of each month subsequent to [the first anniversary of the Date of Grant], through and including ____________April 30, 200__2009, provided the Participant is employed by the Company or a Subsidiary from the Date of Grant to each such date.
iii. All of the Optioned Shares not previously vested shall immediately become fully vested, and this Stock Option shall become fully exercisable, if not previously exercisable, upon the effective date of the earliest to occur of the following: (i) a Change of Control, (ii) the Participant's ’s Termination of Service by the Participant for Good Reason, (iii) the Participant's ’s Termination of Service by the Company without Cause, or (iv) the Participant's ’s Termination of Service due to the Participant's ’s permanent disability or death in accordance with the terms of the Employment Agreement. For purposes of this Stock Option, "GOOD REASON“Good Reason," ” and "CAUSE" “Cause” shall be EXHIBIT 10.18 given the same meanings assigned to such terms in the Employment Agreement, dated as of _____April 30, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT"“Employment Agreement”).
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc)
Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of subject to certain restrictions and conditions set forth in the Plan, if applicable, the Optioned Shares shall vest, be vested and the Stock Option shall become exercisable, be exercisable as follows:
i. percent a. One third (___%1/3) of the total Optioned Shares shall vest, vest and that portion of the Stock Option shall become exercisableexercisable if, [on or prior to the first fourth anniversary of the Date of Grant], Annual Revenues (as defined below) equal or exceed $40 million, provided the Participant is employed by (or, if the Participant is a consultant Contractor or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to on that date.
ii. One and two-thirds percent b. An additional one third (1 2/3%1/3) of the total Optioned Shares shall vest, vest and that portion of the Stock Option shall become exercisableexercisable if, on or prior to the last day of each month subsequent to [the first fourth anniversary of the Date of Grant], through and including ____________, 200__Annual Revenues equal or exceed $60 million, provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to each such on that date.
iii. All c. The remaining Optioned Shares shall vest and that portion of the Optioned Shares not previously vested shall immediately become fully vested, and this Stock Option shall become fully exercisableexercisable if, on or prior to the fourth anniversary of the Date of Grant, Annual Revenues equal or exceed $100 million, provided the Participant is employed by (or, if not previously exercisablethe Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.
d. Notwithstanding the foregoing, upon a Change in Control, (i) fifty percent (50%) of the then-unvested Optioned Shares immediately shall vest on the date of the Change in Control; and (ii) the remaining fifty percent (50%) of the unvested Optioned Shares shall vest on the earlier of (A) the original date such Optioned Shares would have vested under Sections 3.a.-c. above, or (B) equally on the first and second anniversary of the effective date of the earliest to occur of the following: (i) a Change of in Control, (ii) the Participant's Termination of Service by the Participant for Good Reason, (iii) the Participant's Termination of Service by the Company without Cause, or (iv) the Participant's Termination of Service due to the Participant's permanent disability or death in accordance with the terms of the Employment Agreement. .
e. For purposes of this Stock Optionhereof, "GOOD REASON," and "CAUSE" unless the context requires otherwise, the following terms shall be EXHIBIT 10.18 given have the same meanings assigned to such terms in the Employment Agreement, dated as of _____, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT").indicated:
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Snap Interactive, Inc)
Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of the Plan, the Optioned Shares shall vest, and the Stock Option shall become exercisable, as follows:
i. Twenty percent (___20%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, [on the first anniversary of the Date of Grant], provided the Participant is employed by (or, if the Participant is a consultant or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to that date.
ii. One and two-thirds percent (1 2/3%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, on the last day of each month subsequent to [the first anniversary of the Date of Grant], through and including ____________April 30, 200__2009, provided the Participant is employed by the Company or a Subsidiary from the Date of Grant to each such date.
iii. All of the Optioned Shares not previously vested shall immediately become fully vested, and this Stock Option shall become fully exercisable, if not previously exercisable, upon the effective date of the earliest to occur of the following: (i) a Change of Control, (ii) the Participant's ’s Termination of Service by the Participant for Good Reason, (iii) the Participant's ’s Termination of Service by the Company without Cause, or (iv) the Participant's ’s Termination of Service due to the Participant's ’s permanent disability or death in accordance with the terms of the Employment Agreement. For purposes of this Stock Option, "GOOD REASON“Good Reason," ” and "CAUSE" “Cause” shall be EXHIBIT 10.18 given the same meanings assigned to such terms in the Employment Agreement, dated as of _____April 30, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT"“Employment Agreement”).
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc)
Vesting; Time of Exercise. (a) Except as specifically provided in this Agreement and Section 15.6 of the Plan, the Optioned Shares shall vest, and the Stock Option shall become exercisable, as follows:
i. percent (___%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, [on the first anniversary of the Date of Grant], provided the Participant is employed by (or, if the Participant is a consultant or an Outside Director, is providing services to) the Company or a Subsidiary from the Date of Grant to that date.
ii. One and two-thirds percent (1 2/3%) of the total Optioned Shares shall vest, and that portion of the Stock Option shall become exercisable, on the last day of each month subsequent to [the first anniversary of the Date of Grant], through and including ____________, 200__, provided the Participant is employed by the Company or a Subsidiary from the Date of Grant to each such date.
iii. All of the Optioned Shares not previously vested shall immediately become fully vested, and this Stock Option shall become fully exercisable, if not previously exercisable, upon the effective date of the earliest to occur of the following: (i) a Change of Control, (ii) the Participant's Termination of Service by the Participant for Good Reason, (iii) the Participant's Termination of Service by the Company without Cause, or (iv) the Participant's Termination of Service due to the Participant's permanent disability or death in accordance with the terms of the Employment Agreement. For purposes of this Stock Option, "GOOD REASON," and "CAUSE" shall be EXHIBIT 10.18 10.17 given the same meanings assigned to such terms in the Employment Agreement, dated as of _____, 2004, by and between the Company and the Participant (the "EMPLOYMENT AGREEMENT").
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc)