Common use of Rights to Exercise Clause in Contracts

Rights to Exercise. (a) The rights to exercise the Original Option and the Bonus Option are fully vested. (b) The right to exercise the Employment Contract Option shall vest in the following manner - (i) as to 447,361 shares of Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $0.855 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 shares; (ii) as to an additional 447,361 shares Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.140 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 shares; and (iii) as to the balance of 447,362 shares of Common Stock, when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.425 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 shares; (c) Except as expressly provided below and in the Employment Agreement between Optionee and the Corporation of even date, as from time to time amended, the Optionee's non-vested rights to exercise the Employment Agreement Option or any part thereof shall terminate upon his ceasing to be employed by the Corporation or any of its affiliates or any of their respective successors in interest, for any reason including death or disability.

Appears in 1 contract

Sources: Stock Option Agreement (General Devices Inc)

Rights to Exercise. (a) The rights to exercise the Original Option and the Bonus Option are fully vested. (b) The right to exercise the Employment Contract Option shall vest in the following manner - (i) as to 447,361 803,013 shares of GDI Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $0.855 0.476 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; (ii) as to an additional 447,361 803,014 shares of GDI Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.140 0.635 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; and (iii) as to the balance of 447,362 803,014 shares of GDI Common Stock, when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.425 0.794 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; (c) Except as expressly provided below and in the Employment Agreement between Optionee and the Corporation of even dateAgreement, as from time to time amended, the Optionee's non-vested rights to exercise the Employment Agreement Option or any part thereof shall terminate upon his ceasing to be employed by the Corporation or any of its affiliates or any of their respective successors in interest, for any reason including death or disability.

Appears in 1 contract

Sources: Stock Option Agreement (General Devices Inc)

Rights to Exercise. (a) The rights to exercise the Original Option and the Bonus Option are fully vestedshall vest - (i) as to 329,083 shares, on June 1, 2006; (ii) as to an additional 329,083 shares, on June 1, 2007; and (iii) as to the balance of 329,083 shares , on June 1, 2008. (b) The right to exercise the Employment Contract Option shall vest in the following manner - (i) as to 447,361 180,678 shares of GDI Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $0.855 0.476 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; (ii) as to an additional 447,361 180,678 shares of GDI Common Stock when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.140 0.635 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; and (iii) as to the balance of 447,362 180,678 shares of GDI Common Stock, when (A) the price (if the stock is traded in a NASDAQ market or on a national exchange) or bid price (if quoted in an OTC market) per share of Common Stock in each of twenty (20) continuous trading days meets $1.425 0.794 and (B) the average daily trading volume during such twenty (20) day period is at least 100,000 179,500 shares; (c) Except as expressly provided below and in the Employment Agreement between Optionee and the Corporation of even dateAgreement, as from time to time amended, the Optionee's non-vested rights to exercise the Employment Agreement Option or any part thereof shall terminate upon his ceasing to be employed by the Corporation or any of its affiliates or any of their respective successors in interest, for any reason including death or disability.

Appears in 1 contract

Sources: Stock Option Agreement (General Devices Inc)