Event of Option Sample Clauses

An Event of Option clause defines specific circumstances or events that trigger a party’s right to exercise an option under a contract. Typically, this clause outlines what constitutes such an event—such as a change in control, failure to meet performance targets, or the occurrence of a particular date—thereby enabling the option holder to take a specified action, like purchasing shares or terminating the agreement. Its core function is to provide clarity and certainty about when and how contractual options can be exercised, reducing ambiguity and potential disputes between the parties.
Event of Option. (a) If an Event of Option shall occur as to any Investor, such Investor shall promptly notify the Corporation of such occurrence. In the event the Corporation shall receive any such notice or become aware of the occurrence of any Event of Option, the Corporation shall promptly notify each AEP Stockholder of the occurrence of any Event of Option. The Corporation and each AEP Stockholder shall have the right and option to give such Investor, or his or its representatives or assigns, as the case may be, notice of his or its election to have the Fair Value Per Share determined with respect to all of the Stock held by such Investor. The Corporation shall cause such determination of the Fair Value Per Share to be made as soon as is practicable and shall promptly notify each AEP Stockholder electing to have the Fair Value Per Share determined of such Fair Value Per Share (and the Corporation shall forward to each such AEP Stockholder supporting documentation showing the calculation of such Fair Value Per Share). Upon the determination of such Fair Value Per Share (i) first, the Corporation and (ii) second, each AEP Stockholder shall have the right and option to purchase from the Investor as to which such Event of Option has occurred, or his or its representatives or assigns, as the case may be, for cash, at the Fair Value Per Share, all Stock owned by the Investor as to which an Event of Option has occurred. Each AEP Stockholder shall have the right hereunder to purchase his or its Proportionate Percentage of the Stock held by the Investor as to which such Event of Option has occurred which Stock has not been accepted for purchase by the Corporation. The Corporation shall exercise its option hereunder by delivering a written notice to the Investor as to which an Event of Option has occurred during the 30-day period following the determination of the Fair Value Per Share evidencing its election to purchase Stock hereunder and indicating the number of shares of Stock it elects to purchase. A copy of such notice shall be delivered to each AEP Stockholder. If the Corporation elects not to purchase all Stock available for purchase hereunder, each AEP Stockholder may then exercise its right to purchase its Proportionate Percentage of any remaining Stock by delivering to the Corporation, within 30 days of its receipt of the Corporation's notice, a written notice of its election to purchase Stock hereunder (each such notice, a "Section 5 Notice"), whereupon the Corporati...
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Event of Option 
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Related to Event of Option

  • Termination of Option (a) The Optionee’s right to exercise any options that have vested and are exercisable shall terminate on the earliest of the following dates: (i) The Expiration Date; (ii) Subject to subsections (c) and (d) below, the date which is six (6) months from the date on which the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (iii) In the event of the termination of the Optionee as an officer of the Company or any subsidiary of the Company as a result of a breach of the Optionee’s obligations to the Company or any subsidiary of the Company, or as a result of any dishonesty, fraud, misconduct, the unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations) (each of which being a termination for “Cause”), the earliest date on which the Optionee is notified by the Company of such termination; and (iv) The date which is six (6) months from the date of the Optionee’s death or the date the Optionee is determined by the Company to be unable to perform his or her duties as an officer of the Company or any subsidiary of the Company as a result of any mental or physical disability that is expected to result in death or that is expected to last for a continuous period of twelve (12) months or more (the “Disability Determination Date”). (b) The Optionee’s right to exercise any options that have not vested and are not exercisable shall terminate on the earliest of the following dates: (i) The date the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (ii) In the case of the termination of the Optionee as an officer of the Company or any subsidiary of the Company for Cause, on the earliest date on which the Optionee is notified by the Company of such termination; and (iii) The date of the Optionee’s death or the Disability Determination Date, as applicable. (c) For purposes of this Section 7, the Optionee will be deemed not to have ceased to act as an officer of the Company or any subsidiary of the Company (the “Original Position”) if the Optionee continues to act as an employee, officer, director or consultant of the Company or a subsidiary of the Company in some other capacity immediately upon ceasing to act in the Original Position. (d) Also notwithstanding the forgoing, if the Optionee dies after he or she ceases to be an officer of the Company or any subsidiary of the Company for reasons other than a termination for Cause or for disability in accordance with the above, the Optionee’s right to exercise any options that have vested and are exercisable on the date the Optionee ceases to be an officer of the Company or any subsidiary of the Company shall terminate on the earliest of the Expiration Date and the date which is six (6) months after the date of death.

  • ▇▇▇▇▇ of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

  • Termination of Options The Options will terminate at the time specified below: (a) If a Change in Control occurs after the Grant Date but prior to the Grantee’s Separation, all Options that are exercisable at the time of (or become exercisable after) such Change in Control will terminate at the expiration of the Term. (b) If, in the absence of a Change in Control after the Grant Date, the Grantee’s Separation occurs prior to the Close of Business on December 31, 2020 on account of a termination of the Grantee’s employment or service for Cause, all Options that are not vested and exercisable as of the Close of Business on the date of Separation will terminate at the Close of Business on the date of Separation. (c) If (i) the Grantee’s Separation occurs after the Close of Business on December 31, 2020, or (ii) the Grantee’s Separation occurs (A) on account of a termination of the Grantee’s employment or service without Cause, (B) on account of a termination of the Grantee’s employment or service by the Grantee with or without Good Reason, or (C) by reason of the death or Disability of the Grantee, all Options that are vested and exercisable as of the Close of Business on the date of Separation after giving effect to the provisions of Sections 3 and 7 above will terminate at the expiration of the Term. In any event in which Options remain exercisable for a period of time following the date of the Grantee’s Separation as provided above, the Options may be exercised during such period of time only to the extent the same were vested and exercisable as provided in Section 3 above on such date of Separation (after giving effect to the application of Section 7 above). Notwithstanding any period of time referenced in this Section 8 or any other provision of this Agreement or any other agreement that may be construed to the contrary, the Options will in any event terminate not later than upon the expiration of the Term.

  • Grant of Option The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

  • Duration of Option The Option shall be exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the "Exercise Term"); provided, however, that the Option may be earlier terminated as provided in Section 6 hereof.