When Exercisable Sample Clauses
The "When Exercisable" clause defines the specific time or conditions under which a party may exercise a particular right, such as an option or warrant. Typically, this clause outlines whether the right can be exercised immediately, after a certain date, or upon the occurrence of a specified event. For example, an employee stock option may only become exercisable after a vesting period or upon meeting performance targets. The core function of this clause is to provide clarity and certainty regarding the timing and prerequisites for exercising contractual rights, thereby preventing disputes and ensuring all parties understand when actions can be taken.
When Exercisable. The Options are fully vested and exercisable through January 31, 2011.
When Exercisable. The aggregate number of shares of Common Stock of the Company optioned by this Agreement (the "Optioned Shares") shall vest in the Grantee as follows:
When Exercisable. 3.1 The aggregate number of shares of Common Stock of the Company optioned by this Agreement (the "Optioned Shares") shall vest in the Grantee as follows:
(a) one-quarter of the Option on the first anniversary of the day of the grant, being ;
(b) one-quarter of the Option on the second anniversary of the day of the grant, being ;
(c) one-quarter of the Option on the third anniversary of the day of the grant, being ; and
(d) one-quarter of the Option on the fourth anniversary of the day of the grant, being ; and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts set out above and from and after the dates so specified.
When Exercisable. At any time prior to the expiration of the five year period commencing upon the date of this warrant (the "Expiration Date"), Holder shall have the right to exercise this warrant to purchase in whole or in part the shares of Common Stock.
When Exercisable. This SAR becomes exercisable at the rate of one-third of the total shares on each of February 15, 2015, 2016 and 2017. This SAR remains exercisable through February 14, 2022, unless SAR Holder is no longer employed by the Company, or such other event as specified in paragraph 3 occurs, in which case the SARs are exercisable only if permitted by, and in accordance with, the provisions of paragraph 3 below.
When Exercisable. (A) For the initial period beginning June 15, 2001 and ending March 31, 2002, half of the options granted may be exercised on the date of grant and the remaining half on April 1, 2002.
(B) For each subsequent year beginning April 1 and ending March 31, the stock options granted may be exercised only as follows:
(i) Half of the stock options granted may be exercised on October 1, six months after the beginning of the employment year in which the options were granted; and
(ii) The remaining half of the stock options granted may be exercised on April 1, twelve months after the beginning of the employment year in which the options were granted.
(C) To the extent not exercised, the stock options granted shall accumulate and be exercised by the Executive, in whole or in part, in any subsequent period but not later than 5 years from the date the options are granted.
When Exercisable. (a) Rate of Exercise for 5-Year Options. Optionee's right to exercise this Option as to 200,000 of the Shares (100,000 Class A Shares and 100,000 Class B Shares) subject thereto (the "5 Year Options") shall vest ratably over the five (5) year period commencing on the Grant Date in accordance with the following schedule if (but only if) Optionee is employed by the Company or any of its Subsidiaries as of each such date: Cumulative Shares of Date 5 Year Option Vested ---- -------------------- 1st Anniversary of Grant Date 40,000 2nd Anniversary of Grant Date 80,000 3rd Anniversary of Grant Date 120,000 4th Anniversary of Grant Date 160,000 5th Anniversary of Grant Date 200,000; provided that if Optionee's employment by the Company terminates by virtue of the expiration of the "Term" (as defined in the Management Agreement) (i.e., Optionee's employment terminates due to the passage of the date referenced in Section 2(a)(i) thereof (as extended pursuant to the provision in such Section 2(a)) as opposed to any termination by the Company or Optionee or by virtue of Optionee's death or disability), then Optionee shall be credited with an additional 21 days of vesting (for example, if Optionee's employment with the Company terminates as described above on December 31, 2001, the 5 Year Options will vest through January 20, 2002). Notwithstanding any provision to the contrary in this Section 4.1(a), but subject to the other restrictions in the Plan and this Agreement, in the event of a Sale (as defined below) prior to December 31, 2003, the 5 Year Options shall become vested and immediately exercisable.
When Exercisable. 3.1 This Option shall vest in the Grantee, and become exercisable, as to twenty-five percent (25%) of the shares on the first anniversary of the date of the grant, and an additional twenty-five percent (25%) of the shares with respect to which the Option has been granted on and after each of the three (3) succeeding anniversaries of said date. Installments or portions vested and not exercised in earlier periods shall be accumulated and be available for exercise in later periods at the then applicable Exercise Price as follows:
3.1.1 up to twenty-five percent (25%) of the shares may be exercised on or after the first anniversary of the date of the grant, being at an Exercise Price of $ ;
3.1.2 up to fifty percent (50%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ;
3.1.3 up to seventy-five percent (75%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and
3.1.4 up to one hundred percent (100%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts, at the Exercise Price, set out above and from and after the dates so specified.
When Exercisable. 3.1 The aggregate number of shares of Common Stock of the Company optioned by this Agreement (the "Optioned Shares") shall vest in the Grantee as follows:
(a) one-quarter of the Option on the first anniversary of the day of the grant, being June 7, 1997;
(b) one-quarter of the Option on the second anniversary of the day of the grant, being June 7, 1998;
(c) one-quarter of the Option on the third anniversary of the day of the grant, being June 7, 1999; and
(d) one-quarter of the Option on the fourth anniversary of the day of the grant, being June 7, 2000; and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts set out above and from and after the dates so specified.
When Exercisable. Your rights to purchase shares covered by this option shall vest and be exercisable as set forth below and shall remain fully exercisable by you (or by an authorized representative in the event of your death or disability) throughout the term of this option, as described in Section 4, below, except as otherwise provided in Section 4:
(a) one-half (1/2) is fully vested and is exercisable from and after the grant date of this option (the "Grant Date");
(b) one-quarter (1/4) shall vest and become exercisable in twelve (12) equal monthly portions, beginning with the first anniversary of the Grant Date, with one-twelfth (1/12) vesting on such first anniversary and an additional one-twelfth (1/12) vesting on the first day of each of the next eleven (11) calendar months thereafter; and
(c) one-quarter (1/4) shall vest and become exercisable in twelve (12) equal monthly portions, beginning with the second anniversary of the Grant Date, with one-twelfth (1/12) vesting on such second anniversary and an additional one-twelfth (1/12) vesting on the first day of each of the next eleven (11) calendar months thereafter.