Exercisability Period Sample Clauses
Exercisability Period. Except in the event of a termination of Optionee’s service by the Company for Cause, the Option may be exercised, to the extent vested, for ninety (90) days after Optionee ceases to be a Service Provider or ninety (90) days after the Non-CEO Date (as defined below), as applicable, or such longer period as may be applicable upon the death or disability of Optionee as provided herein (or, if not provided herein, then as provided in the Plan), but in no event later than the Term/Expiration Date as provided above. Notwithstanding the foregoing, if the exercise of the Option following termination of Optionee’s service or following the Non-CEO Date, as applicable, or the tender of already-owned Shares or the sale of Shares through a broker in connection with such exercise would violate applicable federal or state securities laws, then the Option may be exercised until the expiration of a period of ninety (90) days following the first date on which the exercise of the Option (or such tender of already-owned Shares or sale of Shares) would not be in violation of such securities laws, but in no event later than the Term/Expiration Date as provided above.
Exercisability Period. Subject to Section 6 hereof, the options to purchase Shares under each A&M Option shall vest and become exercisable in equal monthly installments on the last day of each month commencing on the last day of the first month succeeding the Effective Date through October 31, 1998, and each unexpired and unexercised A&M Option shall expire and cease to become exercisable at 5:00 p.m. (Pacific time) on the sixth anniversary of the Effective Date (the "EXPIRATION DATE"). The First Option Exercise Price, the Second Option Exercise Price and the Third Option Exercise Price and the number of Shares purchasable upon exercise of each A&M Option shall be subject to adjustment as provided in Section 8. Notwithstanding anything to the contrary contained in this Agreement, each A&M Option, and the rights of the Company and the Optionee with respect to each A&M Option, shall be subject to, and be governed by, the provisions of Sections 7 and 8 of the Management Services Agreement, as such Sections 7 and 8 apply to the A&M Options.
Exercisability Period. Notwithstanding Section 1 above and any other provision herein to the contrary, this Warrant shall become exercisable in serial increments equal to 25% of the Warrant Shares every calendar quarter, commencing July 16, 2004, as follows provided the Purchaser is still employed by the Company or engaged by the Company as an independent contractor on the applicable quarterly vesting date: Percent Exercisable Quarterly Exercisability Date Per Quarter Cumulatively ---------------------------------- ------------------- ------------ July 16, 2004 25% 25% Oct. 16, 2004 25% 50% Jan. 16, 2005 25% 75% Apr. 16, 2005 25% 100% In addition, the Warrant will become fully and immediately exercisable and vested upon the occurrence of a "Change in Control," as defined in the Cimetrix Incorporated 1998 Incentive Stock Option Plan, if the Change in Control occurs after September 16, 2004. If the Holder ceases to be an employee of or independent contractor for the Company prior to April 16, 2005, then other than in the case of a Change in Control occurring after September 16, 2004, the portion of this Warrant that has not become exercisable under the above schedule as of the date of the Purchaser's termination of service shall automatically lapse and terminate and shall not longer be exercisable. For example, if the Purchaser ceases to be an employee of or independent contractor for the Company effective December 31, 2004, this Warrant would be exercisable only as to 50% of the Warrant Shares (the remaining portion of the Warrant would lapse).