Duration of Exercisability Sample Clauses
The 'Duration of Exercisability' clause defines the specific time period during which an option or right, such as a stock option, can be exercised by the holder. Typically, this clause will outline the start and end dates for exercisability, and may include conditions such as vesting schedules or expiration upon termination of employment. By clearly establishing when rights can be exercised, this clause ensures both parties understand the temporal limits of the agreement, preventing disputes over late or premature exercise and providing certainty regarding the availability of the option.
Duration of Exercisability. The installments provided for in Section 3.1 are cumulative. Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3.
Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3.
Duration of Exercisability. Once the Option becomes exercisable pursuant to Section 2.1, it shall remain exercisable until it becomes unexercisable under Section 2.3.
Duration of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.
Duration of Exercisability. Upon vesting, the installments provided for in Section 3.1 shall be cumulative. Each such installment that vests and becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3.
Duration of Exercisability. The Option shall remain exercisable until it becomes unexercisable under Section 3.3.
Duration of Exercisability. The installments provided in the vesting schedule set forth in Section 2 of this Option Agreement are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Option Agreement will remain vested and exercisable until this Option expires pursuant Section 6 of this Option Agreement.
Duration of Exercisability. Any vested portion of the Option may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 4.
Duration of Exercisability. The Option shall become vested and exercisable for the shares of Stock in one or more installments as specified in Section 3.1, subject to acceleration as provided in Section 3.2 or Section 3.5, the Country-Specific Terms, as applicable, or pursuant to the Plan, or any other Written Agreement between the Company and Participant. Each such installment that becomes vested and exercisable shall remain vested and exercisable until it becomes unexercisable under Section 3.4 or Section 3.5, as applicable.
Duration of Exercisability. This Option shall be exercisable as to all of the shares covered hereby, notwithstanding that this Option may not yet have become fully exercisable under Section 3.1 (a) in the event the employee-employer relationship between the Optionee and the Company is terminated (i) by the Company pursuant to Section 2(c)(i) of the Employment Agreement; (ii) by the Optionee pursuant to Section 2(d) of the Employment Agreement; (iii) by the Optionee pursuant to Section 2(e) of the Employment Agreement; (iv) by the Optionee pursuant to Section 2(f) of the Employment Agreement (other than in connection with Optionee's removal as a director for cause under the corporation law of the State of Maryland); or (v) due to the fact that the Employment Agreement expires and its not renewed pursuant to Section 2(b) of the Employment Agreement; provided, however, that this acceleration of exercisability shall not take place if:
(a) This Option becomes unexercisable under Section 3.3 prior to said effective date; or
(b) In connection with such an event, provision is made for an assumption of this Option or a substitution therefor of a new option by an employer corporation, or a parent or subsidiary of such corporation, so that such assumption or substitution complies with the provisions of Section 424(a) of the Code; and provided, further, that nothing in this Section 3.4 shall make this Option exercisable if it is otherwise unexercisable by reason of Section 5.6. The Committee may make such determinations and adopt such rules and conditions as it, in its absolute discretion, deems appropriate in connection with such acceleration of exercisability, including, but not by way of limitation, provisions to ensure that any such acceleration and resulting exercise shall be conditioned upon the consummation of the contemplated corporate transaction, and terminations regarding whether provisions for assumption or substitution have been made as defined in subsection (b) above.