Extent of Option. The Option is vested immediately. The Option (or a portion hereof) may be exercised up to and including the date which is five years from the date the Option is granted.
Extent of Option. If the Optionee continues to provide services to the Company on the following dates, the Optionee may exercise the Option for the number of shares set opposite the applicable date: 35,000 options - vesting January 24, 2004 35,000 options - vesting January 24, 2005 35,000 options - vesting January 24, 2006 In the event the Optionee provides additional services to the Company, and without regard to the Optionee's employment status with the Company, the Company can decide, with the approval of its Board of Directors, to accelerate the vesting of any portion of the Option which has not yet vested and on the date of such an event, the number of options designated by the Company will vest immediately and become exercisable. The foregoing rights are cumulative and all vested options may be exercised up to and including the date which is ten years from the date hereof. All of the foregoing rights are subject to Articles 3 and 4, as appropriate, if the Optionee ceases to be employed by the Company or dies or becomes disabled while in the employ of the Company.
Extent of Option. Subject to the provisions of Article 1, the Option is ----------------- fully exercisable by the Optionee as of the date hereof. The Option may be exercised up to and including the date which is ten years from the date the Option is granted.
Extent of Option. On the following dates, the Optionee may exercise ---------------- this Option for the number of Option Shares set opposite the applicable date: Less than one year - 0% of the total Option from DATE Shares One year but less than - an additional 25% of the two years from DATE total Option Shares Two years but less than - an additional 25% of the three years from DATE total Option Shares Three years but less than - an additional 25% of the four years from DATE total Option Shares Four years from DATE - an additional 25% of the total Option Shares The foregoing rights are cumulative and may be exercised up to and including the date that is ten years from the date this Option is granted.
Extent of Option. If the Optionee has continued to serve in the capacity of either (i) a consultant and a director or (ii) an employee of the Company (or a subsidiary thereof, as the case may be) on the following dates, the Optionee may, subject to Section 14 hereof, exercise this Option for only such portion of the total number of shares subject to this Option set opposite the applicable date: Less than one month from the Grant - 0 shares Date One month but less than two months - 6,000 shares from the Grant Date Two months but less than three months - 12,000 shares from the Grant Date Three months but less than four months - 18,000 shares from the Grant Date Four months but less than five months - 24,000 shares from the Grant Date Five months but less than six months - 28,000 shares from the Grant Date Six months but less than seven months - 32,000 shares from the Grant Date Seven months but less than eight months - 36,000 shares from the Grant Date Eight months but less than nine months - 40,000 shares from the Grant Date Nine months but less than ten months - 44,000 shares from the Grant Date Ten months but less than eleven months - 48,000 shares from the Grant Date Eleven months but less than twelve months - 50,000 shares from the Grant Date The foregoing rights are cumulative and, while the Optionee continues to serve as either (i) a consultant and a director or (ii) an employee of the Company (or a subsidiary thereof, as the case may be), may be exercised up to and including the earlier of the date which is ten (10) years from the date this Option is granted (the "Tenth Anniversary Date"). For purposes of this Agreement, any accrued installment shall be referred to as an "Accrued Installment". All of the foregoing rights are subject to Sections 4 and 5 hereof, as appropriate, if the Optionee ceases to serve as either (i) a consultant and a director or (ii) an employee of the Company (or a subsidiary thereof, as the case may be) or becomes disabled or dies while serving as either (i) a consultant and a director or (ii) an employee of the Company (or a subsidiary thereof, as the case may be).
Extent of Option. The Optionee may exercise all or any part of this Option immediately. Any part of this Option not exercised by June 29, 2007 shall expire.
