Period of Exercisability Clause Samples
The "Period of Exercisability" clause defines the specific timeframe during which an option or right, such as a stock option, can be exercised by the holder. Typically, this period begins on a set vesting date and ends on an expiration date, after which the option can no longer be exercised. For example, an employee stock option might be exercisable for ten years from the grant date, provided the employee remains with the company. This clause ensures both parties are clear on when rights can be exercised, preventing disputes and providing certainty regarding the duration of the opportunity.
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Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY
(a) Subject to Sections 3.4 and 5.6, the Option shall become exercisable in three (3) cumulative installments as follows:
(1) The first installment shall consist of thirty-three and one-third percent (33- 1/3%) of the shares covered by the Option (rounded down to the nearest one (1) share) and shall become exercisable on the first anniversary of the date that the Option is granted.
(2) The second installment shall consist of thirty-three and one-third percent (33-1/3%) of the shares covered by the Option (rounded down to the nearest one (1) share) and shall become exercisable on the second anniversary of the date that the Option is granted.
(3) The third installment shall consist of the balance of the shares covered by the Option and shall become exercisable on the third anniversary of the date that the Option is granted.
(b) Except to the extent expressly provided otherwise elsewhere in writing, no portion of the Option that is unexercisable at Termination of Employment shall thereafter become exercisable.
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) Options shall become exercisable as follows: Percentage of Option Date Option Shares Granted As to Which Becomes Exercisable Option Is Exercisable ------------------- --------------------- After the first anniversary of the Trigger Date 20% After the second anniversary of the Trigger Date 40% After the third anniversary of the Trigger Date 60% After the fourth anniversary of the Trigger Date 80% After the fifth anniversary of the Trigger Date 100% Notwithstanding the foregoing, (x) no Options shall become exercisable prior to the time the Plan is approved by the Company's stockholders, and (y) subject to the immediately preceding clause (x), the Options shall become immediately exercisable as to 100% of the shares of Common Stock subject to such Options immediately prior to a Change of Control (but only to the extent such Options have not otherwise terminated or become exercisable).
(b) Notwithstanding the foregoing, no Option shall become exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason other than a termination of employment because of death or Permanent Disability of the Optionee, and any Option (other than as provided in the next succeeding sentence) which is non-exercisable as of the Optionee's termination of employment shall be immediately cancelled. In the event of a termination of employment because of such death or Permanent Disability, the Options shall immediately become exercisable as to all shares of Common Stock subject thereto.
Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY --------------------------------------------
(a) Subject to Sections 3.4 and 3.5, the Option shall become exercisable in four (4) cumulative installments as follows:
(i) The first installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the first anniversary of the date the Option is granted.
(ii) The second installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the second anniversary of the date the Option is granted.
(iii) The third installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the third anniversary of the date the Option is granted.
(iv) The fourth installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the fourth anniversary of the date the Option is granted.
(b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable.
SECTION 3.2 - 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. In the event the provisions of Section 3.4 become applicable, the Option shall remain exercisable until it becomes unexercisable under Section 3.3.
Period of Exercisability. Section 3.1 Commencement of Exercisability ----------- ------------------------------
(a) This Option shall become exercisable in four (4) cumulative installments as follows:
(i) The first installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is one year from the date the Option was awarded.
(ii) The second installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is two years from the date the Option was awarded.
(iii) The third installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is three years from the date the Option was awarded.
(iv) The fourth installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is four years from the date the Option was awarded.
(b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable.
Period of Exercisability. Section 3.1 - Commencement of Exercisability ----------- ------------------------------
(a) Subject to Section 5.6, the Option shall become exercisable in three (3) cumulative installments as follows:
(i) The first installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the first anniversary of the date of execution of this Agreement.
(ii) The second installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the second anniversary of the date of execution of this Agreement.
(iii) The third installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the third anniversary of the date of execution of this Agreement.
(b) No portion of the Option which is unexercisable at Termination of Employment or Termination of Consultancy, as applicable, shall thereafter become exercisable.
Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY
(a) Time Options shall become exercisable as follows: Percentage of Time Option Date Time Option Shares Granted As to Which Becomes Exercisable Time Option Is Exercisable ------------------- -------------------------- After the first anniversary of the Trigger Date 20% After the second anniversary of the Trigger Date 40% After the third anniversary of the Trigger Date 60% After the fourth anniversary of the Trigger Date 80% After the fifth anniversary of the Trigger Date 100%
Period of Exercisability. (a) The Option becomes exercisable, and Optionee may elect to exercise the Option, as to particular Option Shares only after the Option has become vested as to such Option Shares. Subject to Section 3(f), the Option will become vested as to the Option Shares in increments of _________ percent (___%) per year (_________ shares) beginning on _____________, 20__ and continuing on ______________ of each succeeding year thereafter until all Option Shares subject to the Option have become fully vested. in full on the __________ anniversary of the Grant Date. in accordance with the following schedule: Vesting Date Shares orPercentage Vested ________, 20__ ___________ ________, 20__ ___________ ________, 20__ ___________ ________, 20__ ___________
(b) The Optionee must be employed by the Company or a subsidiary thereof on the vesting dates provided in Section 3(a) above in order for the Option to become vested and exercisable as to the particular Option Shares scheduled to become vested on that date. The portion of the Option which is not vested at Optionee’s Termination of Employment, if any, shall be forfeited and shall not thereafter become vested or exercisable.
(c) Once Option Shares become vested, such Option Shares shall be exercisable by Optionee and will remain exercisable until they terminate or expire as provided in Section 3(d) or (e).
(d) The Option shall expire as to each incremental portion that has vested pursuant to Section 3(a) and may not thereafter be exercised to any extent by anyone after the first to occur of the following events:
(i) the expiration of the ten (10) year period beginning on the date of the vesting of the incremental portion of the Option pursuant to Section 3(a) above; or
(ii) the Optionee’s Termination of Employment for any reason other than retirement, death or disability.
(e) Subject to the ten (10) year period in Section 3(d)(i) above, in the event of a Termination of Employment due to retirement, death or disability, the incremental portion of the Option that has vested as of the date of such Termination of Employment shall not expire but shall remain exercisable as follows:
(i) In the event of Termination of Employment due to retirement or disability, Optionee will retain the same rights under this Option Agreement to exercise the portion of the Option vested as of the date of such Termination of Employment as existed immediately before such retirement or disability, which shall continue until such right expires under t...
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) Options shall become exercisable as follows:
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) So long as the Optionee continues to be employed by the Company or any other Service Recipients, the Option shall become exercisable pursuant to the following schedules:
Period of Exercisability. 4.1 Commencement of Exercisability The SAR Award is exercisable immediately on the Date of Grant.