Terms of Option Sample Clauses
The "Terms of Option" clause defines the specific conditions and parameters under which an option—such as the right to purchase property, shares, or other assets—may be exercised by the option holder. This clause typically outlines the option period, the exercise price, any procedural requirements for exercising the option, and any limitations or restrictions that may apply. For example, it may specify that the option can only be exercised within a certain timeframe and under certain conditions, such as the achievement of specific milestones. The core function of this clause is to provide clear, enforceable guidelines for both parties regarding how and when the option can be used, thereby reducing ambiguity and potential disputes.
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Terms of Option. The Option granted hereunder shall be exercisable from time to time by the Optionee by the giving of written notice of exercise to the Company in advance of an exercise date hereinafter set forth, specifying the number of shares to be purchased, and by payment of the purchase price therefore by either (i) cash or certified or cashier's bank check to the order of the Company, or (ii) shares of stock of the Company having a fair market value equal to the purchase price on the exercise date, subject, however, to the following restrictions:
(a) The Option shall be exercisable within a ten (10) year period beginning on the Granting Date and only in the following maximum amounts: (i) none until the expiration of one (1) year from Granting Date (the waiting period); (ii) 25% of all shares after one (1) year from Granting Date; (iii) 50% of all shares after two (2) years from Granting Date; (iv) 75% of all shares after three (3) years from Granting Date; (v) 100% of all shares after four (4) years from Granting Date. This Option shall expire ten (10) years after the Granting Date. To the extent that the Optionee does not purchase part or all of the shares of Common Stock to which he is entitled, this Option shall expire as to such unpurchased shares.
(b) Notwithstanding the provisions of subparagraph (a) of paragraph 3 of this Agreement, in the event the Company shall not be the surviving corporation in any merger, consolidation, or reorganization, or in the event of the acquisition by another corporation of all or substantially all of the assets of the Company and if such surviving, continuing, successor or purchasing corporation does not agree to assume or replace the Option granted hereunder in accordance with paragraph 8 of this Agreement, or in the event of the liquidation or dissolution of the Company, the Option granted hereunder shall become immediately exercisable to the extent of all of the aggregate number of shares subject to this Option for a period commencing thirty (30) days immediately prior to and ending on the day immediately prior to such merger, consolidation, reorganization or acquisition of all or substantially all of the assets of the Company, or the liquidation or dissolution of the Company.
(c) Notwithstanding the provisions of subparagraph (a) of paragraph 3 of this Agreement, in the event of a Change of Control of the Company, the Option granted hereunder shall become immediately exercisable to the extent of all of the aggregate number o...
Terms of Option. The Option is subject to all the provisions of the Plan and to the following terms and conditions:
Terms of Option. This Nonqualified Stock Option Agreement (this "Agreement"), the Notice of Grant of Stock Options delivered herewith (the "Notice of Grant") and the Intel Corporation 2006 Equity Incentive Plan (the "2006 Plan"), as such may be amended from time to time, set forth the terms of your option identified in the Notice of Grant for grants formerly known as ELTSOP grants. As used herein, the "
Terms of Option. OF OPTION -----------------
Terms of Option. (a) The purchase price of each share of Common Stock subject to the Option is the Fair Market Value of a share of Common Stock on the Date of Grant of the Option, which is $8.50.
(b) The Option may be exercised in whole or in part from time to time on or after March 24, 1999, provided that the Option shall not be exercisable later than the day preceding the tenth anniversary of the Date of Grant.
(c) By executing this Agreement, the Optionee agrees on behalf of himself, his executor, administrator, heirs and distributees that any shares of Common Stock purchased pursuant to the Option are being acquired for investment and not with a view to distribution.
(d) To exercise the Option, written notice should be given to the Secretary of the Company in the form attached to this Agreement.
(e) The purchase price of any shares with respect to which the Option is exercised is payable in full on the date the Option is exercised, in cash or in shares of Common Stock or in a combination of cash and such shares. The value of a share of Common Stock delivered in payment of the purchase price shall be its Fair Market Value on the date the Option is exercised.
(f) The Option is not assignable or transferable by the Optionee except by will or the laws of descent and distribution and is exercisable, during the Optionee's lifetime, only by him.
(g) If the Option has not already expired, it shall expire upon the termination of the Optionee's employment with the Company, whether by death or otherwise, and no shares of Common Stock may thereafter be purchased pursuant to the Option, except that:
(1) The Optionee may, within three months after the date of the termination of his employment, purchase any shares of Common Stock that the Optionee was entitled to purchase under the Option on the date of the termination of his employment.
(2) Upon the death of any Optionee while employed by the Company or within the three-month period referred to in Section 4(g)(1) above, the Optionee's estate or the person to whom such Optionee's rights under the Option are transferred by will or the laws of descent and distribution may, within one year after the date of the Optionee's death, purchase any shares of Common Stock that the Optionee was entitled to purchase under the Option on the date of his death. Nothing in this subsection shall allow the exercise of the Option later than the day before the tenth anniversary of the Date of Grant of the Option.
Terms of Option. Subject as provided in the Plan, this Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.
Terms of Option. The Option shall expire on the tenth anniversary of the Grant Date, subject to earlier termination as provided in the Plan. The Option Price of each share of Stock subject to the Option shall be __________ Dollars ($_____) per share, subject to adjustment pursuant to the provisions of Section 3.3 hereof.
Terms of Option. The Advisory Board Company, a Delaware corporation (the “Company”), has granted to the Optionee named in the Award Agreement to which these Standard Terms and Conditions are attached (the “Award Agreement”) options (the “Option”) to purchase any part or all of the number of shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”), set forth in the Award Agreement, at the purchase price per share and upon the other terms and subject to the conditions set forth in the Award Agreement, these Standard Terms and Conditions, and the Plan specified in the Award Agreement (the “Plan”). For purposes of these Standard Terms and Conditions and the Award Agreement, any reference to the Company shall include a reference to any Subsidiary. Certain capitalized terms not otherwise defined herein are defined in the Plan.
Terms of Option. The Option is granted upon the following terms:
Terms of Option. The FRANCHISEE will have the option to reacquire the franchise for the Franchised Location under the same terms and conditions then being offered to other Franchisees by COST CUTTERS under COST CUTTERS' then-current standard Franchise Agreement. If the FRANCHISEE exercises its right to reacquire the franchise for the Franchised Location and executes the then-current standard Franchise Agreement, the FRANCHISEE will not be required to pay the Initial Fee, if any, specified in the then-current standard Franchise Agreement. However, the FRANCHISEE will be required to pay the Continuing Fees, Advertising Fees and any other fees or charges at the rates specified in the then-current standard Franchise Agreement, and must comply with all other terms and conditions of COST CUTTERS' then-current standard Franchise Agreement. The FRANCHISEE acknowledges that the terms, conditions and economics of the then-current standard Franchise Agreement of COST CUTTERS may, at that time, vary in substance and form from the terms, conditions and economics of this Agreement.