Director Options. On the Acceptance Date, each unvested Company Stock Option (as defined in Section 6.03(b)) held by a member of the Company Board shall fully vest and become exercisable, and, to the extent not previously exercised, shall be treated upon the Effective Time in the same manner as other Company Stock Options pursuant to Section 6.03(b). Prior to the Acceptance Date, the Company shall take all actions as are necessary to give effect to the transactions contemplated by this Section 6.02.
Director Options. 2.5(a) Dissenting Shareholders .................................. 2.1(c) D&O Insurance ............................................ 5.10(b) Effective Time ........................................... 1.5
Director Options. Options covering 150,000 shares of Company Common Stock granted to directors of the Company pursuant to Non-Qualified Director Stock Option Agreements were canceled on March 14, 1997. As a result of such cancellations, neither the Company nor VSI shall have any obligation under any such agreements at or after the Effective Time of the Merger.
Director Options. With respect to Company Options granted pursuant to the Company Stock Option Plans to those directors of the Company identified in Section 3.03(b), such directors shall be deemed to have "retired" such that all such Company Options granted to such directors in consideration of their service on the Company Board on or prior to the effective date of their resignations shall continue to vest in accordance with the terms of the Company Stock Option Plans and Company Options as if such directors had retired, rather than had resigned as directors of the Company.
Director Options. 2.4(a) Dissenting Shares............................................................... 2.3
Director Options. As of the Effective Time, each outstanding Director Option (as hereinafter defined) shall be converted into an option to acquire Acquiror Common Stock as
Director Options. Section 4.1(c) Effective Time............................................................................Section 1.2
Director Options. Notwithstanding anything else contained herein to the contrary, each Eligible Director shall receive, on the first business day after each annual meeting of stockholders of the Company, provided that the Eligible Director is serving as a member of the Board on such date, a grant of a Director Option to purchase 2,500 Shares at an exercise price per Share equal to the Fair Market Value on the date of grant. A Director Option shall be exercisable until the earlier to occur of the following two dates: (i) the tenth anniversary of the date of grant of such Director Option; or (ii) three months (twelve months in the case of an Eligible Director who becomes disabled, as defined in Section 22(e)(3) of the Code, or who dies) after the date the Eligible Director ceases to be a member of the Board, except that if the Eligible Director ceases to be a member of the Board after having been convicted of, or pled guilty or nolo contendere to, a felony, his Director Option shall be cancelled on the date he ceases to be a member of the Board. An Eligible Director may pay the exercise price of a Director Option in the manner described in Section 6(d).
Director Options. For serving on the Company's Board of Directors, ----------------- Consultant shall receive 20,000 stock options under the Company's 2000 Incentive and Nonstatutory Stock Option Plan (the "Stock Option Plan") exercisable at the current fair market value of the Company's common stock (as of this date, $3.50) for a term of five years vesting monthly over one year beginning on the date of this Agreement.
Director Options. As promptly as practicable after the Effective Date, each holder of a Director Option may surrender the associated option agreement and such other instruments of assignment that the Surviving Corporation may reasonably request to the Exchange Agent and such holder shall be entitled upon such surrender to receive in exchange therefor a certified or bank cashier's check in an amount equal to, for each such share subject to each such surrendered option, the amount by which $18.50 exceeds the exercise price for such share or such integral multiple thereof into which the options to acquire equity GSE equity securities theretofore represented by the documents so surrendered shall be entitled as aforesaid. Upon such surrender, each Director Option shall be canceled. No interest shall accrue or be payable with respect to such amounts pending the surrender of the option agreement (or any other documentation) in exchange therefor.
