Grant and Terms of Stock Option Sample Clauses


Grant and Terms of Stock Option 1.1 Grant of Option. Pursuant to the Grant Notice, the Company has granted to the Optionee the right and option to purchase, subject to the terms and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares of the Stock of the Company set forth on the Grant Notice at a purchase price per Share equal to the exercise price per Share (as may be adjusted in accordance with Section 3(c) of the Plan) set forth on the Grant Notice. If the Grant Notice indicates (under Type of Option) that this Option is an ISO, then this Option is intended by the Company and Optionee to be an Incentive Stock Option. However, if this Option is intended to be an ISO, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonqualified Stock Option. If the Grant Notice indicates that this Option is a NQ, then this Option is not intended to be an Incentive Stock Option and is instead intended to be a Nonqualified Stock Option. Subject to Section 11 of the Plan, in the event of a conflict between the terms and conditions of the plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. 1.2 Vesting and Exercisability. Subject to the provisions of the Plan and the other provisions of this Agreement, this Option shall vest and become exercisable in accordance with the schedule set forth in the Grant Notice. Notwithstanding the foregoing, in the event Optionee incurs a Termination of Continuous Service for any reason, with or without Cause, including as a result of death or Disability, this Option shall immediately cease vesting and shall be cancelled to the extent of the number of Shares as to which this Option has not vested as of the date of termination. For purposes of this Agreement, a Termination of Continuous Service shall mean that the Optionee ceases to be an employee of the Company and its Subsidiaries for any


Grant and Terms of Stock Option