Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: No shares from and after the date of grant and prior to the First Milestone Date; 8,036,548 shares from and after the First Milestone Date; 3,214,619 shares from and after the Second Milestone Date; 4,018,274 shares from and after the Third Milestone Date; 4,821,929 shares from and after the Fourth Milestone Date; and
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: No shares from and after the date of grant and prior to the first anniversary date; shares from and after the first anniversary date and prior to the second anniversary date; shares from and after the second anniversary date and prior to the third anniversary date; shares from and after the third anniversary date and prior to the fourth anniversary date; shares from and after the fourth anniversary date and prior to the fifth anniversary date; and shares from and after the fifth anniversary date. The right of exercise provided herein shall be cumulative so that if the option is not exercised to the maximum extent permissible during any such period it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time during any subsequent period prior to the expiration or termination of this option. This option may not be exercised at any time after the tenth anniversary date.
Exercise of Option and Provisions for Termination. (g) Vesting Schedule ---------------- Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth Anniversary of the date of grant (hereinafter the "Expiration Date") in installments as to not more than the number of shares and during the respective installment periods set forth in the table below. The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible during any exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option.
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the Tenth Anniversary Date, as to not more than the following number of shares covered by this option during the respective periods set forth as follows: (i) no Shares prior to October 15, 2004, (ii) 16.6% of the Shares from and after October 15, 2004, and (iii) an additional 2.78% of the Shares on each monthly anniversary of such date thereafter, until fully vested, provided, however, that in the event there is no corresponding monthly anniversary date in any given month, such additional amount shall vest on the last day of such month (i.e., February 29 would correspond to January 31).
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein, this option is exercisable for the first time with respect to the following shares subject to the option:
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein, this option is exercisable for the first time with respect to the following shares subject to the option: shares on the first anniversary of the date of grant; an additional shares on the second anniversary of the date of grant; an additional shares on the third anniversary of the date of grant; an additional shares on the fourth anniversary of the date of grant; and an additional shares on the fifth anniversary of the date of grant; so that, after the expiration of the fifth anniversary of the date of grant, the option shall be exercisable in full. To the extent not exercised, installments shall be cumulative and shall be exercisable in whole or in part; provided that no partial exercise of the option shall be for less than 10 whole shares. This option shall become fully exercisable, irrespective of the limitations set forth above, provided that the Employee has been in continuous employment since the date of grant, upon a Change in Control. This option may not be exercised at any time after the tenth anniversary of the date of grant.
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, and subject to all other terms and conditions of this Agreement, if the Employee has continued to be employed by the Company through any applicable date in the table below, this option may be exercised prior to the tenth anniversary of the Grant Date (hereinafter the "Expiration Date") in installments for not more than the number of shares set forth opposite such applicable date: March 31, 1998 0 March 31, 1999 26,250 shares March 31, 2000 an additional 26,250 shares March 31, 2001 an additional 26,250 shares The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible as of an applicable date, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option. Notwithstanding any other provision of this Agreement or the Plan, this option may not be exercised at any time on or after the Expiration Date. Notwithstanding the foregoing vesting schedule, if the Company is to be consolidated with or merged into another company where the Company is not the survivor corporation or in which the Company is the survivor corporation but becomes a wholly-owned subsidiary of another corporation, or if the Company is acquired by another entity in an acquisition of all or substantially all of the Company's assets or 70% or more of the Company's issued and outstanding shares of capital stock (collectively, a "Company Sale"), then all outstanding shares covered by this Option shall become exercisable in full (to the extent not otherwise so exercisable) prior to the consummation of the Company Sale.
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, this option shall vest and become exercisable in installments (each, an "installment") as to not more than the number of shares set forth in the table below during the respective exercise periods set forth in the table below. No installment shall be exercisable after the fourth anniversary of the vesting date of such installment (each, an "Installment Expiration Date"), except as otherwise provided in Section 3(e) below. If, after the respective Installment Expiration Date, an installment shall for any reason not have been exercised in full (except as otherwise provided in Section 3(e) below), the option shall be deemed to have expired with respect to the unpurchased shares in such installment. Number of Shares as to which Installment Exercise Period Option is Exercisable --------------------------- --------------------- The right of exercise of this option shall be cumulative so that if any installment is not exercised to the maximum extent permissible during the respective installment exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the respective Installment Expiration Date or the earlier termination of this option.
Exercise of Option and Provisions for Termination. Subject to the conditions set forth in this Agreement, this option shall be exercised by the Optionee’s delivery of written notice of exercise to the Treasurer of the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by payment fin full in accordance with Section 4. Such exercise shall be effective upon receipt by the Treasurer of the Company of such written notice together with the required payment. The Optionee may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share or for fewer than ten whole shares. Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth anniversary of the date of grant (the “Expiration Date”).
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth anniversary of the date of grant (hereinafter the "Expiration Date") at any time in conjunction with or following the closing of: (I) a firm commitment underwritten public offering of shares of the Company's capital stock which offering: (w) shall occur not later than July 31, 1998; (x) shall result in not less than $15,000,000 aggregate net proceeds to the Company; (y) shall have afforded each of BCI Growth III, L.P., The Vermont Venture Capital Fund, L.P. and North Atlantic Ventures, L.P. the opportunity to sell in the offering not less than 25% of the aggregate number of shares of Common Stock issued or issuable to such person upon the exercise of the warrants dated as of July 26, 1993 or May 25, 1994 held by such person (as such warrants have been amended or restated), in each case at the initial public offering price less underwriters' discount, if any, applicable to such shares and such expenses in connection therewith as may be allocated to each of such persons; and (z) shall be at a public offering price per share equal to not less than $8.50 per share (provided, however, that the condition stated in this subparagraph (z) shall not apply if such offering shall have occurred pursuant to the exercise by any such persons of their demand registration rights pursuant to any registration rights agreement then in effect between the Company and any such persons); or (II) the merger or consolidation of the Company, the sale of all or substantially all of the assets of the Company, or a sale by stockholders of the capital stock of the Company, which such event (i) shall occur not later than July 31, 1998; and (ii) shall have resulted in net proceeds per share of capital stock held by each of BCI Growth III, L.P., The Vermont Venture Capital Fund, L.P. and North Atlantic Ventures, L.P. of at least $8.50, payable in cash or marketable securities (including registered securities of the acquiring entity). Notwithstanding the foregoing, this option shall become exercisable in full at any time after December 31, 2000. This option may not be exercised at any time on or after the Expiration Date, except as otherwise provided in Section 3(e) below.
