Term and Exercise of Option Sample Clauses
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Term and Exercise of Option a. The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein.
b. This Option shall be exercisable only in the event that and to the extent that such Option has become vested and exercisable pursuant to the terms of this Section 3.b (or Sections 7 or 8 below, if applicable). Subject to the earlier termination of this Option pursuant to its terms and to the terms of the Option Plan, this Option shall vest and become exercisable as follows, but only if the Optionee is then an employee of or continues to provide services to the Company or an Affiliate at the specified time:
(i) Up to twenty percent (20%) of such Option Shares (rounded down to the nearest whole share) may be purchased at any time after one (1) year from the Grant Date and prior to the termination of this Option;
(ii) Up to forty percent (40%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after two (2) years from the Grant Date and prior to the termination of this Option;
(iii) Up to sixty percent (60%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after three (3) years from the Grant Date and prior to the termination of this Option;
(iv) Up to eighty percent (80%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after four (4) years from the Grant Date and prior to the termination of this Option;
(v) Up to 100% of such Option Shares (less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after five (5) years from the Grant Date and prior to the termination of this Option.
c. To exercise this Option, the Optionee shall satisfy the following conditions: (i) deliver written notice to the Company at its principal office within the option period, which written notice must be in the form of attached Exhibit A to this Agreement, and (ii) deliver payment in full for the Option Shares with respect to which this Option is then being exercised, as provided in Section 4(a...
Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder.
Term and Exercise of Option. Subject to the provisions of this Agreement:
(a) The Option shall vest and become exercisable in twenty percent (20%) annual increments beginning with the first anniversary of the Grant Date and continuing over the next four anniversaries thereof so long as the Optionee continues to serve as a member of the Board of Directors of the Company; provided further, however, that the Option shall become fully vested and exercisable thirty (30) days (or any earlier date determined by the Compensation Committee of the Company) prior to the effective date of any dissolution or liquidation of the Company or any merger or consolidation in which the Company is not the surviving entity.
(b) Subject to Section 7 hereof, the Option may be exercised with respect to all or any portion of the vested Shares at any time during the Option Period by the delivery to the Company, at its principal place of business, of (i) a written notice of exercise in substantially the form attached hereto as Exhibit 1, which shall be actually delivered to the Company no earlier than thirty (30) days and no later than ten (10) days prior to the date upon which Optionee desires to exercise of all or any portion of the Option; (ii) payment to the Company of the Exercise Price, defined in Section 3 below, multiplied by the number of Shares being purchased (the "Purchase Price") in the manner provided in Subsection (c) hereof; and (iii) payment of all applicable withholding tax obligations (whether federal, state or local) imposed by reason of the exercise of the Option. Upon acceptance of such notice, receipt of payment in full of the Purchase Price, and receipt of payment of all withholding tax obligations, the Company shall cause to be issued a certificate representing the Shares purchased.
(c) The Purchase Price and all applicable withholding tax obligations shall be paid in full upon the exercise of an Option and no Shares shall be issued or delivered until full payment therefor has been made. Payment of the Purchase Price for all Shares purchased pursuant to the exercise of an Option and of any tax withholding obligations shall be made in cash or by certified check; by tendering shares of previously owned Common Stock held at least six (6) months; or, to the extent available, by a cashless exercise through a broker.
Term and Exercise of Option. Subject to earlier termination, acceleration or cancellation of the Option as provided herein, the term of the Option shall be for that period of time also set forth on the Certificate (the "Option Period") and, subject to the provisions of this Agreement, the Option shall be exercisable at such times and as to such number of shares as determined on the schedule set forth on the Certificate.
Term and Exercise of Option. The Purchase Option may be exercised at any time from and after the date hereof through 5:00 p.m. on the earlier of (i) December 31, 2004 or (ii) the “Cessation Date” (as such term is defined in Section 2.4 hereof) (the earlier of such dates, the “Option Termination Date”). The Purchase Option can be exercised only by the giving of notice by Optionee to such Grantor. If Optionee does not exercise the Purchase Option by the Option Termination Date, the Purchase Option shall be deemed terminated and shall be of no further force and effect and such Grantor shall have no further obligations hereunder.
Term and Exercise of Option. (a) The term of this option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein.
(b) Except as otherwise provided herein, this option will be exercisable in cumulative installments as follows:
(i) None of the Option Shares may be purchased prior to one year from the Grant Date;
(ii) Up to 25% of the Option Shares may be purchased at any time after one year from the Grant Date and prior to termination of this option;
(iii) Up to 50% of the Option Shares (less any shares previously purchased pursuant to this option) may be purchased at any time after two years from the Grant Date and prior to termination of this option;
(iv) Up to 75% of the Option Shares (less any shares previously purchased pursuant to this option) may be purchased at any time after three years from the Grant Date and prior to termination of this option; and
(v) Up to 100% of the Option Shares (less any shares previously purchased pursuant to this option) may be purchased at any time after four years from the Grant Date and prior to termination of this option.
(c) To exercise this option, the Optionee shall give written notice to the Company, to the attention of its President or other designated agent, in form satisfactory to the Company and shall deliver payment in full for the Option Shares with respect to which this option is then being exercised, as provided in paragraph 4(b) below.
(d) Neither the Optionee nor the Optionee's heirs or legal representatives, as the case may be, will be, or will be deemed to be, a holder of any Option Shares for any purpose unless and until certificates for such shares are issued to the Optionee or the Optionee's heirs or legal representatives under the terms of the Option Plan.
Term and Exercise of Option. The Purchase Option may be exercised beginning from and after the Effective Date through 5:00 p.m. on the 18 month anniversary of the Effective Date (the “Option Termination Date”). The Optionees may only exercise the Purchase Option by delivering a written purchase notice (“Purchase Notice”) substantially in the form of Exhibit B to the Grantors on or before the Option Termination Date. If Optionees do not deliver a Purchase Notice on or before the Option Termination Date, the Purchase Option shall be deemed terminated and shall be of no further force and effect, and the Grantors shall have no further obligations hereunder.
Term and Exercise of Option. (a) The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein. Except as otherwise provided herein, this Option may not be exercised prior to the first anniversary date of the Grant Date, at which time this Option will become exercisable in full.
(b) To exercise this Option, the Optionee shall give written notice to the Company, to the attention of its President or other designated agent, in substantially the form attached hereto as Exhibit A, and the Optionee shall deliver payment in full for the Option Shares with respect to which this Option is then being exercised, as provided in Section 4(b) below.
(c) Neither the Optionee nor the Optionee's legal representatives, legatees or distributees, as the case may be, will be, or will be deemed to be, a holder of any Option Shares for any purpose unless and until certificates for such Option Shares are issued to the Optionee or the Optionee's legal representatives, legatees or distributees under the terms of the Option Plan.
Term and Exercise of Option. (i) The option granted under Section 2A above shall terminate at the end of the Option Period. In order to exercise its option, Company must, prior to the end of the Option Period, both notify ISURF in writing that it is exercising its rights and provide to ISURF an acceptable development plan similar in scope to that outlined on Appendix B of this Agreement. The failure of Company to provide timely notice and an acceptable development plan shall be deemed a waiver of Company’s option.
(ii) Company agrees to notify ISURF promptly at any time during the Option Period if Company has determined not to exercise the option granted under this Agreement. Company agrees to provide ISURF, in reasonable detail, the basis for such determination with said notice. The option granted under this Agreement shall terminate upon the giving of such notice by Company.
(iii) Upon the expiration or termination of its option, Company shall have no residual rights or other rights in the Option Technology.
Term and Exercise of Option. Optionee may exercise the Option at --------------------------- any time from and after the Redemption Date and on or before 6:00 p.m pacific coast time on the earlier of (x) the date which is one hundred and sixty-five (165) days after the Redemption Date and (y) August 31, 2002 (the "OPTION ELECTION PERIOD") by giving Optionor no less than ten (10) business days' written notice of exercise (the "OPTION ELECTION NOTICE"); provided that, -------- ---- notwithstanding the foregoing, Optionee's right to give an Option Election Notice and to purchase the Remainder Notes pursuant to its option shall be suspended during any period of time while there exists an "Investment Loan Borrower Credit Event" (as defined in Exhibit B attached hereto). The Option --------- Election Notice shall include (i) the proposed closing date, which shall not be less than ten (10) business days after the delivery thereof nor more than twenty (20) business days after the delivery thereof, and (ii) the Optionee's calculation of the Fair Market Value (as defined in Section 3 below) of the --------- Remainder Notes based on the proposed closing date. In the event that the Option is not exercised on or before the expiration of the Option Election Period, or the transaction has not closed within twenty (20) business days after the expiration of the Option Election Period for any reason other than the default of the Optionor, then the Option shall become null and void and of no further force or effect, and the parties hereto shall be released from all further liabilities and obligations hereunder with respect to the Option (except as otherwise expressly provided herein).