Vesting and Exercise of Option. The Option shall vest and become exercisable during its term in accordance with the following provisions:
Vesting and Exercise of Option. The Option shall vest and become exercisable in increments in accordance with the schedule set forth below measured from the Grant Date provided that the Option shall vest and become exercisable with respect to an increment as specified only if there has not been a Termination of Employment of the Participant as of the specified date for such increment.
(a) If the Board of Directors of the Corporation determines that the Corporation has attained certain performance goals that the Board of Directors will specify to Participant sufficiently in advance, then the Option shall fully-vest and be exercisable in three (3) equal installments of Eighty Thousand (80,000) shares of stock. The first installment of Eighty Thousand (80,000) shares of stock shall vest on the first anniversary of the Grant Date at the First Purchase Price and the remaining two installments of Eighty Thousand (80,000) shares of stock shall vest on the second and third anniversary of the Grant Date at the Second Purchase Price; or
(b) the Option shall vest in full on August 25, 2006. The schedule set forth above is cumulative, so that Shares as to which the Option has become vested and exercisable on and after a date indicated by the schedule may be purchased pursuant to exercise of the Option at any subsequent date prior to termination of the Option. The Option may be exercised at any time and from time to time to purchase up to the number of Shares as to which it is then vested and exercisable. Notwithstanding the foregoing, the Option shall vest and become exercisable, to the extent not already vested and exercisable, on the date of Participant's death or Disability, provided Participant has not incurred a Termination of Employment prior to such date. Notwithstanding the foregoing, fifty percent (50%) of the Option that has not yet vested shall become fully vested and exercisable, to the extent not already fully vested and exercisable, as of the effective date of a Corporate Reorganization or Change in Control, provided that the Optionee has not experienced a Termination of Employment prior to such date, unless in connection with the Corporate Reorganization or Change in Control the surviving entity or an affiliate assumes the Option or replaces the Option with an option of equivalent value and with comparable terms. In the event of a Corporate Reorganization or Change in Control, the Corporation shall send the Optionee prior written notice of the effectiveness of such event and the last ...
Vesting and Exercise of Option. The Option will become vested and exercisable only in accordance with the terms and provisions of the Plan and this Agreement, as follows:
Vesting and Exercise of Option. This Option shall be exercisable in accordance with the Plan as follows: Schedule of rights to exercise: ------------------------------
Vesting and Exercise of Option. The Option shall become vested and exercisable in accordance with the vesting schedule set forth in the Award Notice (the “Vesting Schedule”). The period of time prior to the full vesting of the Option shall be referred to herein as the “Vesting Period.” The Option shall be vested and exercisable following a termination of Optionee’s employment according to the following terms and conditions:
Vesting and Exercise of Option. The Option shall vest and become exercisable in increments in accordance with the schedule set forth below, provided that the Option shall vest and become exercisable with respect to an increment as specified only if the Optionee has not incurred a Termination of Employment prior to the vesting date with respect to such increment:
(a) no portion of the Option shall vest or become exercisable prior to the first anniversary of the Grant Date;
(b) on the first anniversary of the Grant Date one fourth of the number of Shares subject to the Option (as indicated in Section 1) shall vest and become exercisable;
(c) on the second anniversary of the Grant Date an additional one fourth of the number of Shares subject to the Option (as indicated in Section 1) shall vest and become exercisable;
(d) on the third anniversary of the Grant Date an additional one fourth of the number of Shares subject to the Option (as indicated in Section 1) shall vest and become exercisable; and
(e) on the fourth anniversary of the Grant Date the remaining one fourth of the number of Shares subject to the Option (as indicated in Section 1) shall vest and become exercisable. Notwithstanding the vesting provisions described above, the Option shall vest and become exercisable with respect to 100% of the Shares upon the Optionee’s Termination of Employment if the Optionee’s Termination of Employment is due to his or her Retirement, death or Disability.
Vesting and Exercise of Option. Subject to the continued service of Participant with the Company through the relevant vesting dates, the Option shall become vested and exercisable in such amounts and at such times as set forth in the Grant Notice. In addition:
Vesting and Exercise of Option. The Option shall vest and may be exercised by Participant as follows:
A. The Option will vest in twenty-five percent (25%) one- quarter third increments on December 31st of each of the first three four full calendar years following the date of the grant of the Option (or in a later year as provided hereinbelow) (a "Vesting Year"), provided, however, the Option will not vest in a particular Vesting year unless: the Company has achieved 100% of the Company's annual corporate plan approved by the Board of Directors for that Vesting year. This calculation will be made based on the methodology established for senior level corporate employees, under the Company's 1996 Management Incentive Plan. In addition, in the event the average closing price of the Company's common stock in the month of December of any Vesting Year ("Average Closing Price") does not exceed the Average Closing Price for the prior year by at least twenty (20%) percent and such an event occurs in two consecutive Vesting years, then the portions of the Option scheduled to vest in the second consecutive year shall not vest and all unvested portions of the Option shall not be eligible to vest during the first four Vesting Years of the Option (except in the event of a Change of Control). Notwithstanding the above and subject to the earlier termination of the Option pursuant to clauses (i), (ii) and (iii) of Section 1 hereof, the Option granted hereunder shall vest, to the extent not previously vested pursuant to this Section 3A, six months prior to the date which is ten (10) years from the date of grant (____________, 199_) and shall remain outstanding until the expiration of the term of the Option as specified herein.
B. Any vested portion of the Option eligible to be exercised by Participant and not which has not been previously exercised may be exercised up to the time of expiration of the Option. Notwithstanding the above, and except in the event of a Change of Control or the termination of the Participant without Good Cause (as defined in the Plan), the Option shall not be exercisable until the third anniversary of the grant of the Option. The Option may be exercised only during the thirty (30) day period which begins two (2) full days after the Company issues a quarterly or annual earnings release; provided, however, that the Committee, in its sole discretion, may permit the Option to be exercised in whole or in part at times other than that stated above. The Option may be exercised only in a...
Vesting and Exercise of Option. Subject to Optionee’s not experiencing a Termination of Employment during the following vesting period, Optionee shall vest in and earn the right to exercise this Option as follows: One-fourth (1/4th) of the total number of Shares subject to the Option shall vest on the first anniversary of the earlier of the Grant Date or the Vesting Commencement Date, if any, and one thirty-sixth (1/36th) of the remaining Shares subject to the Option shall vest each month thereafter until all Shares are fully vested. By accepting the grant of this Option, Optionee acknowledges and agrees that the terms set forth in this Section 3 supersede any contrary terms regarding the vesting of this Option set forth in any notice or other communication that Optionee receives from, or that is displayed by, E*TRADE or other third party designated by the Company. This Option may be exercised in whole or in part. Notwithstanding the foregoing or anything in this Agreement to the contrary, in the event of Optionee’s Termination of Employment as a result of Optionee’s death or Disability, the vesting
Vesting and Exercise of Option. Subject to the provisions of Section 4 and the right of the Corporation to accelerate the date upon which any or all of the shares covered by this Option becomes exercisable, the Recipient shall become entitled to purchase the indicated percentage of the Option Shares as follows: Period of Time Elapsed From Date of Option Percentage of Total Shares Vesting ------------------------------------------ ---------------------------------- One year 25% Each 3 month period thereafter for the next 36 months Additional 6.25% If Recipient has attained age 55 and completed at least five years of continuous employment with the Corporation on the date of termination of employment with the Corporation, other than termination due to death, Permanent Disability or termination for cause (a "Retirement"), then the Option Shares shall continue to vest in accordance with the original vesting schedule without regard to the continuous employment requirement. Notwithstanding any provision herein to the contrary, in no event may this Option be exercised after seven years from the date of this Option (the "Expiration Date").
