Scheduled Vesting Date. If the Scheduled Vesting Date for the Tranche occurs prior to any of the other events set forth in this Section 4, the Scheduled Vesting Date shall be the Automatic Exercise Event for the Tranche and the Tranche may be exercised in whole or in part by Grantee at any time in the calendar year following the calendar year in which the Scheduled Vesting Date occurs. The Tranche shall terminate in its entirety as of the end of the period described in the preceding sentence.
Appears in 2 contracts
Sources: Employment Agreement (Texas Rare Earth Resources Corp.), Stock Option Agreement (Texas Rare Earth Resources Corp.)