Option Terms. Subject to earlier termination as provided herein, the Nonqualified Option shall expire on the 10th anniversary of the date of grant of Nonqualified Option, which anniversary shall be [xx/xx/xx]. The period during which the Nonqualified Option is in effect is referred to as the “Option Period”.
Option Terms. The City reserves the right to exercise up to three (3) one-year options to extend the term of this Agreement through November 30, 2023. The written notice to Consultant shall be provided no later than thirty (30) days prior to the end of the then current term.
Option Terms. The Option granted under this Agreement shall be subject to the following terms and conditions:
Option Terms. Each option shall be evidenced by one or more documents in the form approved by the Plan Administrator; provided, however, that each such document shall comply with the terms specified below. Each document evidencing an Incentive Option shall, in addition, be subject to the provisions of the Plan applicable to such options.
Option Terms. Two (2) five (5) year options to renew, as more particularly set forth in Section 2.2 of this Lease.
Option Terms. (a) The Option shall become exercisable in accordance with the following Schedule: Years From Date of Grant Amount Exercisable ------------------------ ------------------ One 0% Two 25% Three 50% Four 75% Five 100%
Option Terms. Subject to further detail included in this Agreement, the key terms related to the Option are as follows:
Option Terms. The term of each Option shall not be more than ten (10) years from the date of granting thereof or such shorter period as is prescribed in the Award Agreement; provided that, in the case of a Participant who owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, a Parent or a Subsidiary, the term of any Incentive Stock Option shall not be more than five (5) years from the date of granting thereof or such shorter period as prescribed in the Award Agreement. Within such limit, Options will be exercisable at such time or times, and subject to such restrictions and conditions, as the Committee shall, in each instance, approve, which need not be uniform for all Participants. The holder of an Option shall have none of the rights of a shareholder with respect to the shares subject to Option until such shares shall be issued to him or her upon the exercise of his or her Option. Upon exercise of an Option, the Committee shall withhold a sufficient number of shares to satisfy the Company’s minimum required statutory withholding obligations for any taxes incurred as a result of such exercise (based on the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes); provided that, in lieu of all or part of such withholding, the Participant may pay an equivalent amount of cash to the Company.
Option Terms. PROVIDED, however, that LESSEE shall give written notice of its intention to exercise its option for the immediately succeeding additional term above mentioned at least thirty (30) days’ prior to the expiration date of the original term of the lease or of each renewal thereof. If LESSEE fails to give such thirty (30) days’ notice, a holding over shall be deemed a renewal for the term of three (3) months at the same rental as specified in the preceding option term and so on from term to term until this agreement is terminated by mutual consent of the parties hereto, or by notice in writing of intention to terminate from either party to the other three months before the expiration of any renewed term. No rents shall be due or payable under this LEASE prior to its date of approval, or such other dates as approved, by the Board of Commissioners of Public Grounds and Buildings.
Option Terms. So long as no Default or Event of Default shall have occurred and be continuing and Lessee shall have given Lessor at least ninety (90) days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the following purchase and extension options at the expiration of the Lease Term, or any extension of the Lease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of Lease Payments under the Lease Schedules at the same Lease Payment payable at the expiration of the Lease Term; (ii) purchase all, but not less than all, Property under a Lease Schedules for a purchase price (the "Purchase Option Price") equal to the then Fair Market Sale Value thereof; or (iii) return such Property to Lessor pursuant to, and in the condition required by, the Master Leasing Agreement. If Lessee fails to give Lessor the Option Notice, Lessee shall be deemed to have chosen option (i) above, subject to the limitations set forth in Section 3.1 of this Agreement.. Payment of the Purchase Option Price, applicable sales taxes, together with all other amounts due and owing by Lessee under the Master Leasing Agreement (including, without limitation, Lease Payments) during such Lease Term shall be made on the last day of the Lease Term in immediately available funds against delivery of a xxxx of sale transferring to Lessee all right, title and interest of Lessor in and to the Property ON AN "AS IS" "WHERE IS" BASIS, WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE CONDITION OF THE PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIES.
