Initial Vesting Sample Clauses
Initial Vesting. The Option shall vest to the --------------- extent of 15,000 Option Shares (A) for each (i) OEM order obtained or (ii) alliance or partnership entered into between the Company and a third party as a result of the Optionee's efforts (any such order, alliance or partnership shall be a "Transaction"), up to a maximum of five (5) such Transactions or an aggregate of 75,000 Option Shares, and (B) a majority of the non-employee directors of the Company then in office (excluding the Optionee if he is then a non-employee director) authorized the Company to enter into the Transaction and also agreed that the Transaction would give rise to vesting of the Option under this Section 2.1 or Section 2.2 hereof (any such approved Transaction shall be a "Vesting Transaction"). The non-employee directors' approval of a Transaction and agreement that such Transaction would be a Vesting Transaction shall be in their discretion, and such decision shall be final and binding on the Company and the Optionee. The Company shall give notice to the Optionee of the decision of the non-employee directors as to whether a proposed Transaction became a Vested Transaction.
Initial Vesting. In the event that the Executive continues to serve as an executive officer of the Company until the Initial Vesting Date, the Executive shall be entitled to an Incentive Payout in an amount equal to 40% of the Executive’s total Compensation for the preceding year.
Initial Vesting. [●%] will vest on the date that is [12] months after the Effective Date; and
Initial Vesting. The Holder may exercise this Warrant, in whole or in part, at any time or from time to time on any business day prior to the Expiration Date (as defined herein), for six million four hundred thousand (6,400,000) shares of Common Stock.
Initial Vesting. 29.1 Each Participant shall be entitled (subject to clause 33) at any time between the Initial Vesting Date and the Termination Date, by notice to the Trustees in terms of clause 29.2, to instruct the Trustees to sell 40% (forty percent) of the number of Scheme Shares which, on the Initial Vesting Date, are notionally allocated to that Participant in terms of clauses 8.1 and 8.2.
29.2 Any instruction in terms of clause 29.1 must be given in writing by the Participant concerned and must be sent by e-mail or fax or delivered by hand to the Trustees or such representative or representatives of the Trustees whose details are communicated to the Participants in writing, as the case may be, and should be in a form substantially similar to the document attached to this Deed marked Annex 1. The Trustees shall be entitled to act on any such e-mail or fax or hand delivered document purporting to originate from a Participant.
29.3 Upon receipt of a written notice given in terms of clauses 29.1 and 29.2 (but subject to clause 33), the Trustees shall sell the applicable Scheme Shares within 30 (thirty) days of the end of the calendar month in which the written instruction is given, at the Ruling Market Price.
29.4 The proceeds of the sale referred to in clause 29.3 shall accrue and be paid in the following order of priority:
29.4.1 first in settlement of and/or provision for a pro-rata portion of all outstanding Trust Expenses and any liabilities of the Trust as at the Initial Vesting Date; thereafter
29.4.2 in repayment of a pro-rata amount of 40% (forty percent) of the Capital Contributions outstanding as at the Initial Vesting Date; and thereafter
29.4.3 in payment of the balance remaining to the Participant in question, after deduction and payment of any employee and other taxes attributable thereto.
29.5 Should any Participants fail to give the Trustees a written instruction in terms of clauses 29.1 or 29.2 before the Termination Date or before the date of termination of employment with a Group Company as contemplated in clause 31.3.2, then the Participant shall be deemed to have given a written instruction to the Trustees in terms of clauses 29.1 and 29.2 on the day immediately preceding the Termination Date or the day immediately preceding the date of termination of employment (whichever is applicable) and the Trustees shall act and apply the proceeds of the sale in accordance with clauses 29.3 and 29.4, in relation thereto.
29.6 All references to "pro-rata" in ...
Initial Vesting. Warrants for the right to purchase 82,197 shares of fully paid and nonassessable Common Stock shall be Vested on the Closing Date, without regard to volume levels.