Common use of Award of Option Clause in Contracts

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.33% 18,222 18,222 February 15, 2008 33.33% 18,222 36,444 February 15, 2009 33.34% 18,223 54,667 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

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Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. .] Number of Shares Subject to Option: 54,667 46,667 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.3333.33 % 18,222 18,222 15,555 15,555 February 15, 2008 33.3333.33 % 18,222 36,444 15,556 31,111 February 15, 2009 33.3433.34 % 18,223 54,667 15,556 46,667 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15XXXXXX, 2006 XX, XXXX Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 50,000 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.3333.33 % 18,222 18,222 16,666 16,666 February 15, 2008 33.3333.33 % 18,222 36,444 16,667 33,333 February 15, 2009 33.3433.34 % 18,223 54,667 16,667 50,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 280,000 Exercise Price per Share: $52.235 52.245 Expiration Date: February 1512, 2013 2014 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 1512, 2008 33.33 % 93,333 93,333 February 12, 2009 33.33 % 93,333 186,666 February 12, 2010 33.34 % 93,334 280,000 Page 1 of 6 EOAgmt Non-Qualified Stock Option Agreement February 12, 2007 33.33% 18,222 18,222 February 15, 2008 33.33% 18,222 36,444 February 15, 2009 33.34% 18,223 54,667 Page 2. This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 Option:280,000 Exercise Price per Share: $52.235 52.245 Expiration Date: February 1512, 2013 2014 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.33% 18,222 18,222 February 1512, 2008 33.33% 18,222 36,444 93,333 93,333 February 1512, 2009 33.33% 93,333 186,666 February 12, 20010 33.34% 18,223 54,667 93,334 280,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 1512, 2006 2007 Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 XXXX Exercise Price per Share: $52.235 XXXX Expiration Date: February 15XXXXX XX, 2013 XXXX Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 XXXXX 33.33% 18,222 18,222 February 15, 2008 XXXX XXXX XXXXX 33.33% 18,222 36,444 February 15, 2009 XXXX XXXX XXXXX 33.34% 18,223 54,667 XXXX XXXX This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15XXXXXX, 2006 XX, XXXX Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

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Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 275,000 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.33% 18,222 18,222 91,666 91,666 February 15, 2008 33.33% 18,222 36,444 91,667 183,333 February 15, 2009 33.34% 18,223 54,667 91,667 275,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 63,334 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.33% 18,222 18,222 21,111 21,111 February 15, 2008 33.33% 18,222 36,444 21,111 42,222 February 15, 2009 33.34% 18,223 54,667 21,112 63,334 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. .The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 54,667 113,334 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 Vesting Schedule: Number of Shares Subject to Option Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.3333.33 % 18,222 18,222 37,778 37,778 February 15, 2008 33.3333.33 % 18,222 36,444 37,778 75,556 February 15, 2009 33.3433.34 % 18,223 54,667 37,778 113,334 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Quest Diagnostics Incorporated Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

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