Director Optionee definition
Examples of Director Optionee in a sentence
If Non-employee Director Optionee ceases to serve as a director of the Company, for any reason, the Optionee may exercise the Option regarding the number of shares of Option Stock as to which the Option shall have been exercisable on the day immediately preceding the Optionee's termination as director, at any time within a period ending on the earlier of (a) 90 days after the termination of Optionee's termination as director or (b) the Termination Date.
In the event of termination of Optionee's continuous status as a Director, Optionee may, but only within ninety (90) days after such event of termination of an Optionee's continuous status as a Director (but in no event later than the date of expiration of the term of the Option) exercise the Option to the extent that he was entitled to exercise it at the date of such termination.
If the Non-Employee Director Optionee is a natural person whose Business Relationship with the Company is terminated by reason of his or her disability (as defined in the Plan), this option may be exercised, to the extent otherwise exercisable on the date the Business Relationship was terminated, at any time within 180 days after such termination, but not later than the scheduled expiration date.
If the Non-Employee Director Optionee is a natural person who dies while involved in a Business Relationship with the Company, this option may be exercised, to the extent otherwise exercisable on the date of his or her death, by the Non-Employee Director Optionee’s estate, personal representative or beneficiary to whom this option has been assigned pursuant to Section 10, at any time within 180 days after the date of death, but not later than the scheduled expiration date.
If Optionee ceases to serve as a Director, Optionee may, but only within ninety (90) days after the date Optionee ceases to be a Director of the Company, exercise this Option to the extent that Optionee was entitled to exercise this Option at the date of such termination, or if Optionee does not exercise this Option within the time specified herein, the Option shall terminate.
In the event this option shall be exercised, pursuant to Section 5 hereof, by any person or persons other than the Non-Employee Director Optionee, such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise this option.
This option may be exercised in part at any time and from time to time within the above limits, except that this option may not be exercised for a fraction of a share unless such exercise is with respect to the final installment of stock subject to this option and cash in lieu of a fractional share must be paid, in accordance with Paragraph 10 of the Plan, to permit the Non-Employee Director Optionee to exercise completely such final installment.
Neither the Plan, this Agreement, nor the grant of this option imposes any obligation on the Company or any Related Corporation to continue to maintain a Business Relationship with the Non-Employee Director Optionee.
Such certificate or certificates shall be registered in the name of the person or persons so exercising this option (or, if this option shall be exercised by the Non-Employee Director Optionee and if the Non-Employee Director Optionee shall so request in the notice exercising this option, shall be registered in the name of the Non-Employee Director Optionee and another person jointly, with right of survivorship).
The grant and acceptance of this option imposes no obligation on the Non-Employee Director Optionee to exercise it.