Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 50% of the total number of shares subject to the Option on April 30, 2017, and with respect to the balance of 50% of such total number of shares on April 30, 2018, provided however, that the Option shall immediately become exercisable in full immediately prior to a Change in Control (as defined below) transaction. The purchase price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof. For purposes of this Agreement, a Change in Control shall mean (i ) the consummation of a reorganization, merger or consolidation or sale or disposition of all or substantially all of the assets of the Corporation (a “Business Combination”), unless, in each case following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of the Common Stock of the Corporation immediately before the consummation of such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of the transaction owns the Corporation or all or substantially all of the assets of the Corporation either directly or indirectly through one or more subsidiaries); and (B) no person or group (as defined in Section 13(d) or 14(d)(2) of the Securities Exchange Act of 1934) of the Corporation or the entity resulting from the Business Combination) beneficially owns, directly or indirectly, more than 30% of the then outstanding shares of the common stock of the entity resulting from the Business Combination; (ii) Individuals who, as of the date of this Agreement, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Corporation, provided, however, that any individual's becoming a director after the date of this Agreement whose election, or nomination for election by the stockholders of...
Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable as follows:
Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 20% of the total number of shares subject to the Option on the first anniversary date of the date hereof, and with respect to an additional 20% of such total number of shares at the end of each twelve-month period thereafter during the succeeding four years, provided however, that the Corporation may, at any time during the period in which the Option is not then exercisable in full, accelerate the exercisability of the Option subject to such terms as the Corporation deems necessary and appropriate. The purchase price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof.
Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable as follows: the Option shall become exercisable with respect to fifty percent (50%) of the shares (_____________ shares) on _____________ and the Option shall become exercisable with respect to the remaining fifty percent (50%) of the shares (_________ shares) on ______________; provided, in the event that there is a Corporate Event, and (i) the Corporation terminates Optionee’s employment without Cause or (ii) Optionee resigns Optionee’s employment for Good Reason, in either event within the period commencing three (3) months prior to the date of a Corporate Event and ending one (1) year after the date of a Corporate Event, then, subject to and in accordance with the conditions set forth in this Option Agreement, this Option shall immediately accelerate and become fully exercisable) as of the later of (A) the termination date, or (B) the effective date of any separation agreement with the Optionee. The purchase price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof.
Term of Option; Exercisability. The Option shall be exercisable in whole or in part (in lots of ten shares or any multiple thereof) from time to time beginning from the date hereof, subject to the provision that an Option may not be exercised by the Employee, except as provided in paragraphs 4 and 5 hereof, (a) more than 90 days after the termination of his employment by the Company or a subsidiary, or more than 10 years from the date the Option is granted, whichever period is shorter, or (b) prior to the expiration of one year from the date of grant as indicated in the Letter, and provided further that the Option may not be exercised in excess of 50% of the total shares subject to the Option during the second year after the date of grant, 75% during the third year and 100% thereafter during the remainder of the Option term. Notwithstanding the foregoing, the Option will be exercisable in full prior to the date indicated in the preceding sentence as of the date that the average of the high and low sales prices of the Common Stock over any 10 consecutive trading days equals or exceeds $8.58
Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof. Except as otherwise provided in paragraph 5 hereof, the Option shall become exercisable in full on May 31, 2021, provided however, that the Option shall immediately become exercisable in full immediately prior to a Change in Control consummated on or prior to May 31, 2021. The purchase price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 7 hereof. The Corporation may, in its discretion, require as conditions to the right to exercise this Option that (a) a Registration Statement under the Securities Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option, or (b) the Optionee has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to it that such shares are being purchased for the purpose of investment and not with a view to or for sale in connection with any distribution thereof, including without limitation, a written agreement of the Optionee that the shares will not be transferred unless registered under the Securities Act of 1933, as amended, or unless counsel for the Corporation gives a written opinion that such transfer is permissible under Federal and State law without registration. Nothing herein contained shall be deemed to require the Corporation to register, under Federal or any State law, this Option or any shares issuable hereunder.
Term of Option; Exercisability. The Option is immediately fully vested and exercisable. The Option shall be exercisable in full or in part and shall remain exercisable until the Expiration Date set forth at Paragraph 14(d) on the Execution Page, at which time the Option shall expire unless the Option is sooner terminated as hereinafter provided.
Term of Option; Exercisability. The option will become vested and exercisable in accordance with the vesting schedule set forth below, so long as the optionee continues to be a Director of the Company. NUMBER OF OPTION SHARES DATE VESTED ----------------------- ----------- 9,000 ------------------ 9,000 ------------------ 9,000 ------------------ 9,000 ------------------ 9,000 ------------------ To the extent vested, the option will be immediately exercisable in full or in part and will remain exercisable until it expires on the tenth (10th) anniversary of the Option Date, unless the option is sooner terminated as hereinafter provided; provided, however, that if the grant of this option is made possible only by the adoption of this Plan or any amendment thereof that is subject to shareholder approval, the option will not be exercisable before such approval is obtained and the option will be null and void if such approval is not obtained within the time prescribed therefor.
Term of Option; Exercisability. The option shall become vested and exercisable in accordance with the vesting schedule set forth below, so long as the Optionee continues to perform services for the Company or any subsidiary or parent of the Company. NUMBER OF SHARES DATE VESTED 50,000 August 4, 1998 50,000 August 4, 1999 To the extent vested, the option shall be immediately exercisable in full or in part and shall remain exercisable until it expires on the tenth (10th) anniversary of the Option Date, unless the option is sooner terminated as hereinafter provided.
Term of Option; Exercisability. This Option shall become vested and exercisable in accordance with the vesting schedule set forth on the Execution Page. To the extent vested, this Option shall be exercisable in full or in part and shall remain exercisable until the Expiration Date set forth on the Execution Page (unless it is sooner terminated as hereinafter provided), at which time this Option shall expire. Notwithstanding the limitations on exercise of this Option set forth on the Execution Page, any unexercised portion of this Option shall immediately become fully vested and exercisable upon the occurrence of any of the following events prior to the termination of employment of the Optionee:
