Term of Option and Conditions of Exercise Sample Clauses
The 'Term of Option and Conditions of Exercise' clause defines the time period during which an option—such as the right to purchase shares or property—can be exercised, as well as the specific requirements that must be met for the option to be validly exercised. This may include deadlines for notification, payment terms, or other procedural steps the option holder must follow. By clearly outlining both the duration and the conditions for exercising the option, this clause ensures that both parties understand their rights and obligations, reducing the risk of disputes over whether the option was properly exercised.
Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A (which shall not exceed ten years from the Grant Date), subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease.
(b) Subject to the provisions of the Plan and this Stock Option Agreement, and so long as the Optionee continues to be employed by the Company, the Option shall vest after one year from the Grant Date as to 25% of the Option Shares, after two years from the Grant Date as to 50% of the Option Shares, after three years from the Grant Date as to 75% of the Option Shares and after four years from the Grant Date as to 100% of the Option Shares (as set forth on Exhibit A).
Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A, subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease.
(b) Subject to the provisions of the Plan and this Stock Option Agreement, except as may otherwise be provided by the Committee, the Option shall vest in accordance with the schedule set forth on Exhibit A, so long as the Optionee continues to be employed by or provide service to the Company or a Subsidiary; provided, however, that the Option shall become fully vested and exercisable upon the death of the Optionee or the termination of the Optionee’s employment or service due to the disability (as defined in the Company’s long-term disability plan) of the Optionee.
Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A (which shall not exceed ten years from the Grant Date), subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease.
(b) The Option Shares shall vest based on the achievement of the financial performance goals during fiscal year 2009 as set forth on Exhibit A; provided, however, that if the number of Option Shares would result in the issuance of a fraction of a share, no fractional share shall be issued and instead the number of Option Shares shall be increased or decreased to the next whole number. The determination by the Committee with respect to the financial performance levels achieved by the Company during fiscal year 2009 and the number of Option Shares that vests shall be made on a date not later than July 31, 2009 (the “Performance Measurement Date”). Any Option Shares that fail to meet the financial performance goals set forth on Exhibit A shall be forfeited. The Option Shares that have vested based on the achievement of the financial performance goals are herein referred to as the “Performance Vested Shares.” So long as the Optionee continues to be employed by the Company, the Performance Vested Shares shall vest after one year from the Grant Date as to one-third of the Option Shares, after two years from the Grant Date as to two-thirds of the Performance Vested Shares and after three years from the Grant Date as to 100% of the Performance Vested Shares; provided, however, that any fractional Performance Vested Shares shall not vest, or be delivered, until the final vesting event.
Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A, subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease.
(b) Subject to the provisions of the Plan and this Stock Option Agreement, the Option shall vest in accordance with the schedule set forth on Exhibit A, so long as the Optionee continues to be employed by the Company.
Term of Option and Conditions of Exercise