Nature of Options. If so designated on the respective Notice of Stock Option Grant, the Options are intended to be “incentive stock options” within the meaning of Section 422 of the Code or any successor provision.
Nature of Options. The Options are not granted under the French specific regime provided by Articles L. 225-177 to L. 000-000-0 of the French commercial code.
Nature of Options. The Administrator may grant Incentive Stock Options and Nonqualified Stock Options under the Plan. However, Incentive Stock Options may only be granted to Employees of the Company or its Related Corporations.
Nature of Options. (a) Each Option will grant the holder of that Option the right but not the obligation to be issued by the Company one Share at the Options Exercise Price.
Nature of Options. The following provision supplements Section 18 of the Agreement: In accepting the grant of Options, the Optionee acknowledges that the Optionee consents to participation in the Plan and has received a copy of the Plan. The Optionee understands that the Company, in its sole discretion, has unilaterally and gratuitously decided to grant Options under the Plan to individuals who may be employees of the Company or its Subsidiaries throughout the world. The decision is a limited decision that is entered into upon the express assumption and condition that any Options will not economically or otherwise bind the Company or any of its Subsidiaries on an ongoing basis. Consequently, the Optionee understands that the Option is granted on the assumption and condition that the Option and the Shares issued upon exercise of the Option shall not become a part of any employment contract (either with the Company or any of its Subsidiaries) and shall not be considered a mandatory benefit, or salary for any purposes (including severance compensation) or any other right whatsoever. Further, the Optionee understands and agrees that, unless otherwise expressly provided for by the Company or set forth in the Agreement, the Option will be cancelled without entitlement to any Shares if the Optionee’s employment is terminated for any reason, including, but not limited to: resignation, retirement, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without good cause (i.e., subject to a “despido improcedente”), material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, or under Article 10.3 of Royal Decree 1382/1985. The Committee, in its sole discretion, shall determine the date when the Optionee's employment has terminated for purposes of the Option. The Optionee understands that this Option grant would not be made to the Optionee but for the assumptions and conditions referred to above; thus, the Optionee acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of, or right to, the Option shall be null and void. NOTIFICATIONS
Nature of Options. Options is a contract in which the seller gives the buyer the right to buy or sell the underlying asset at a fixed price within a specified period of time and conditions, or the right to receive payment from the seller under the conditions specified in the contract. The buyer is required to pay a premium to the seller in exchange for such right to buy or sell. Options which grants the buyer the right to buy an underlying asset or variable at a fixed price is a call options while options which grants the buyer the right to sell an underlying asset or variable at a fixed price is a put options. Such right must be exercised according to the terms and conditions specified in the Options. When the buyer exercises his options, the seller may make physical delivery of the underlying asset or make cash settlement where the cash difference between the exercise price and the market value or price of the underlying asset or variable at a time or a period of time in the future as set out in the contract is paid to the buyer.
Nature of Options. The Initial Grant and any other stock option grants made to Executive as specified in this Agreement will be incentive stock options to the maximum extent allowed by law and will be subject to the terms of the Company’s 2003 Stock Plan and a Stock Option Agreement between Executive and the Company (including any related notice of stock option grant), which shall be consistent with the provisions in this Agreement. A full recourse five-year promissory note (“Promissory Note”) will be deemed an acceptable form of payment by Executive. The Promissory Note will be secured by the shares that it is used to purchase and shall become due and payable on the earlier of (a) the Company’s filing for an initial public stock offering, (b) the Company’s agreement to be acquired by a publicly traded company, (c) an event that would trigger an adverse accounting charge relating to the Note, and (d) five (5) years from execution of the Promissory Note. Any Stock Option Agreements shall also permit up to 15% transfer of any of the shares to a trust for the benefit of Executive or any of Executive’s family members unless otherwise specified by the Board; provided that such transferred options shall retain the same vesting terms and conditions. In addition, the Stock Option Agreements shall provide that following Executive’s termination date, Executive may exercise the stock options at any time until the end of the term of the stock options; provided that such period of exercisability will terminate upon the closing of a Change of Control (as defined herein) unless the acquirer of the Company in such Change of Control specifically agrees to permit continued exercisability. In the event that such period of exercisability would terminate upon the closing of a Change of Control, the Company agrees, upon the request of Executive, to amend the Stock Option Agreements effective not later than five days prior to the closing of such Change of Control to add a “net exercise” feature to the Stock Option Agreements; provided that if the board of directors of the Company determines in its discretion that such amendment would trigger adverse accounting consequences for the Company or the acquirer, then no such net exercise feature shall be added. The Initial Grant and any subsequent stock or stock options that may be granted to Executive by the Company are in addition to any stock (common or preferred) owned by Executive as of the closing of the financing round described in paragraph 2(c)(...
Nature of Options. The Award Summary shall designate whether the Options are a Nonqualifed Stock Option or Incentive Stock Option. Options awarded under this Agreement may not be exercised at any time until such Options are vested as provided in the Award Summary governing such Options. Except as otherwise provided in the Award Summary or this Agreement, the Options granted hereunder shall terminate on the earlier of (i) the seventh anniversary of the Date of Grant, or (ii) the date such Options are fully exercised, unless earlier terminated under Section 4 or 5 of this Agreement.
Nature of Options. The Options are nonqualified stock options and are not intended to be “incentive stock options” within the meaning of Section 422 of the Code or any successor provision.
Nature of Options. An Option is an option granted by the Corporation to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Option Price, but subject to the provisions hereof and the terms of the applicable Option Agreement. For the avoidance of doubt, no Dividend Equivalents shall be granted in connection with an Option.
