Vesting Options Sample Clauses
The Vesting Options clause defines how and when an individual earns the right to exercise stock options or equity grants over a specified period. Typically, this clause outlines a schedule—such as monthly or yearly increments—by which the recipient gradually gains ownership of the options, often including a minimum initial period (a "cliff") before any options vest. Its core practical function is to incentivize long-term commitment and performance by ensuring that recipients must remain with the company for a certain duration to fully benefit from the equity awards, thereby aligning their interests with the organization's success and reducing the risk of immediate turnover.
Vesting Options. (a) The amount of shares of Common Stock subject to this Option shall become exercisable as follows: __________on the date hereof,__________ on the first anniversary of the date hereof [and ____________ on the second anniversary of the date hereof], subject to the provision of Section 1 hereof. [ Alternative-The amount of shares of Common Stock subject to this Option shall become exercisable on the date hereof, subject to the provision of Section 1 hereof and the Plan.]
(b) An Option shall be exercisable by written notice of such exercise, in the form prescribed by the Board to the Company, at its principal executive office. The notice shall specify the number of shares for which the option is being exercised, be signed by the Optionee and shall be accompanied by payment in cash or by check of the amount of the full purchase price of such shares or in such manner as the Board shall deem acceptable consistent with the provisions of the Plan.
(c) No shares shall be delivered upon exercise of this Option until all laws, rules and regulations which the Board may deem applicable have been complied with. If a registration statement under the Act is not then in effect with respect to the shares issuable upon such exercise, the Company may require as a condition precedent., among other things (i) that the person exercising the
Vesting Options. The Employer hereby elects the following vesting option to determine an Employee’s eligibility to receive retirement benefits.
Vesting Options. (a) The amount of shares of Common Stock to this option shall become exercisable as follows: 40,000 on the date hereof, 30,000 on the one year anniversary hereof, and 30,000 on the second anniversary thereof, subject to the provisions of Section 11 hereof.
(b) An Option shall be exercisable by written notice of such exercise, in the form prescribed by the Board to the Company, at its principal executive office. The notice shall specify the number of shares for which the option is being exercised, be signed by the Optionee and shall be accompanied by payment in cash or by check of the amount of the full purchase price of such shares or in such manner as the Board shall deem acceptable consistent with the provisions of the Plan.
(c) No shares shall be delivered upon exercise of any option until all laws, rules and regulations which the Board may deem applicable have been complied with. If a registration statement under the Act is not then in effect with respect to the shares issuable upon such exercise, the Company may require as a condition precedent., among other things (i) that the person exercising the option give to the Company a written representation and undertaking, satisfactory in form and substance to the Company, that such person is acquiring the shares for his own account for investment and not with a view to the distribution thereof and/or (ii) an opinion of counsel satisfactory to the Company with respect to the existence of an exemption from the registration requirements of the Act, in which event the person(s) acquiring the Common Stock shall be bound by the provisions of the following legend which shall be endorsed upon the certificate(s) evidencing his option shares issued pursuant to such exercise: "The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended (the "Act"). Such shares may not be sold, transferred or otherwise disposed of unless they have first been registered under the Act or, unless, in the opinion of counsel satisfactory to the Company's counsel, such registration is not required."
(d) Without limiting the generality of the foregoing, the Company may delay issuance of the shares of Common Stock underlying this option until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or "blue sky" laws).
(e) The person exercising an option shall not be considered a record ho...
Vesting Options upon the Effective Date of this Agreement the Consultant will also be granted incentive and vesting stock Options in and to the Company for the collective purchase of no less than an aggregate of up to a further 1,200,000 Option Shares of the Company; at an exercise price of U.S. $0.25 per Option Share; which incentive vesting Options (each such Option being herein a "VESTING OPTION") will be exercisable for the periods set forth hereinbelow and subject to the following vesting provisions for exercise during the continuance of this Agreement in the following manner only:
(i) INITIAL VESTING OPTION: as to an initial 600,000 of the Option Shares under the Vesting Option, the Consultant shall have the initial vested right, for a period of ten years from the Effective Date, to purchase an aggregate of up to 16,690 Option Shares under the initial Vesting Option one month following the Effective Date (the "INITIAL VESTING DATE"), and the Consultant's remaining right to purchase an aggregate of up to the remaining 583,310 Option Shares under the initial Vesting Option shall only vest in equal monthly proportions over a period of 35 months from the Initial Vesting Date; with the first such proportion (that being 1/35th or for 16,666 Option Shares) of the Vesting Option vesting on the day which is one month from the Initial Vesting Date and with the remaining monthly proportions of the Vesting Option vesting on the same day of the month for each of the ensuing 34 months therefrom; and -- Management Consulting Services Agreement with ▇▇▇▇▇▇▇ ▇▇▇▇▇ -- ___________________________________________________________ -- Petrogen Corp. and Petrogen, Inc. -- _________________________________
(ii) FINAL VESTING OPTION: subject to the following restriction as to exercise, as to the remaining 600,000 of the Option Shares under the Vesting Option, the Consultant shall have the further vested right, for a period of five years from the Effective Date, to purchase an aggregate of up to 16,690 additional Option Shares under the final Vesting Option on the Initial Vesting Date; and the Consultant's remaining right to purchase an aggregate of up to the remaining 583,310 Option Shares under the final Vesting Option shall only vest in equal monthly proportions over a period of 35 months from the Initial Vesting Date; provided, however, that the Consultant's right to exercise and acquire any Option Shares under this final Vesting Option will be limited, at all times, to the exercise and a...