Term and Vesting of Option. The Option shall be completely vested on the date hereof and shall expire (the "Expiration Date") upon the earlier to occur of: (a) the close of business on the tenth anniversary of the date hereof or (b) five (5) years after the date on which the Optionee is no longer employed by the Company. Notwithstanding the foregoing, the Option may in no event be exercised by anyone to any extent in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Appears in 4 contracts
Samples: Nonqualified Stock Option Agreement (K Tel International Inc), Non Qualified Stock Option Agreement (K Tel International Inc), Non Qualified Stock Option Agreement (K Tel International Inc)
