Common use of TIMES OF EXERCISE OF STOCK OPTION Clause in Contracts

TIMES OF EXERCISE OF STOCK OPTION. The Participant shall be eligible to exercise his Stock Option only after the Company has repaid The Beard Company ("Beard") for all advances made by Beard to the Xxxxany pursuanx xx the Subscription Agreement axxxxxed as Exhibit "A" plus any accrued interest and Beard's initial $32,000 investment in the Company (the "Exercxxx Xxxnt"). In addition, the conditions of Section 8 hereof must be satisfied before the Participant shall be eligible to exercise his Stock Option. If the Participant's employment with the Company (or its parent or of any one or more of the subsidiaries of the Company) remains full-time and continuous at all times prior to the Exercise Event, then the Participant shall be entitled, subject to the applicable provisions of this Option Agreement having been satisfied, to exercise on or after the applicable Exercise Event, on a cumulative basis, the number of shares of Stock set forth in the foregoing Section 1.

TIMES OF EXERCISE OF STOCK OPTION. The Participant shall be eligible to exercise his Stock Option only after the Company has repaid The Beard Company ("Beard") for all advances made by Beard to the Xxxxany pursuanx xx xxx Company puxxxxxt to the Subscription Agreement axxxxxed Agrexxxxx attached as Exhibit "AB" plus any accrued interest and Beard's initial $32,000 investment in the Company (the "Exercxxx Xxxnt"). In addition, the conditions of Section 8 hereof must be satisfied before the Participant shall be eligible to exercise his Stock OptionOptions. If the Participant's employment with the Company (or its parent or of any one or more of the subsidiaries of the Company) remains full-time and continuous at all times prior to the Exercise Event, then the Participant shall be entitled, subject to the applicable provisions of this Option Agreement having been satisfied, to exercise on or after the applicable Exercise Event, on a cumulative basis, the number of shares of Stock set forth in the foregoing Section 1.

TIMES OF EXERCISE OF STOCK OPTION. The Participant shall be eligible to exercise his Stock Option only after the Company has repaid The Beard Company ("Beard") for all advances made by Beard to the Xxxxany pursuanx Cxxxxxy pursuant xx the xxe Subscription Agreement axxxxxed attxxxxx as Exhibit "A" plus any accrued interest and Beard's initial $32,000 investment in the Company (the "Exercxxx XxxntExercisx Xxxxx"). In addition, the conditions of Section 8 hereof must be satisfied before the Participant shall be eligible to exercise his Stock Option. If the Participant's employment with the Company (or its parent or of any one or more of the subsidiaries of the Company) remains full-time and continuous at all times prior to the Exercise Event, then the Participant shall be entitled, subject to the applicable provisions of this Option Agreement having been satisfied, to exercise on or after the applicable Exercise Event, on a cumulative basis, the number of shares of Stock set forth in the foregoing Section 1.

TIMES OF EXERCISE OF STOCK OPTION. The Participant shall be eligible to exercise his Stock Option only after the Company has repaid The Beard Company ("Beard") for all advances made by Beard xx xxe Company pxxxxxnt to the Xxxxany pursuanx xx the Subscription Agreement axxxxxed xxxxxhed as Exhibit "AB" plus any accrued interest and Beard's initial $32,000 investment in the Company (the "Exercxxx Xxxnt"). In addition, the conditions of Section 8 hereof must be satisfied before the Participant shall be eligible to exercise his Stock Option. If the Participant's employment with the Company (or its parent or of any one or more of the subsidiaries of the Company) remains full-time and continuous at all times prior to the Exercise Event, then the Participant shall be entitled, subject to the applicable provisions of this Option Agreement having been satisfied, to exercise on or after the applicable Exercise Event, on a cumulative basis, the number of shares of Stock set forth in the foregoing Section 1.