TERM AND EXERCISE OF OPTIONS Sample Clauses
The 'Term and Exercise of Options' clause defines the duration of an agreement and outlines the procedures for extending or renewing the contract through options. Typically, it specifies the initial term length and details how and when a party may exercise its right to extend the agreement, such as by providing written notice within a certain timeframe before expiration. This clause ensures both parties understand the contract's timeline and the steps required to continue the relationship, thereby preventing misunderstandings about renewal rights and obligations.
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TERM AND EXERCISE OF OPTIONS. (a) Each Converted Option shall be exercisable as to an Optioned Share at any time beginning on the date of this Agreement and ending on the Applicable Expiration Date for such Optioned Share; PROVIDED, HOWEVER, that the Converted Option shall be subject to earlier expiration as provided in section 2(f) hereof.
(b) The Converted Option shall be exercisable in whole or in part; PROVIDED HOWEVER, that no partial exercise of the Converted Option shall be for an aggregate Applicable Exercise Price of less than One Thousand Dollars ($1,000). The partial exercise of a Converted Option shall not cause the expiration, termination or cancellation of the remaining portion thereof. Upon the partial exercise of the Converted Option, this Agreement, marked with any notations deemed appropriate by the Corporation, shall be returned to the Option Holder together with the delivery of the certificates described in section 2(e) hereof.
(c) The Converted Option shall be exercised by delivering notice to the Corporation's principal office, to the attention of its Corporate Secretary, no less than three (3) business days in advance of the effective date of the proposed exercise. Such notice shall be accompanied by this Agreement, shall specify the number of Optioned Shares with respect to which the Converted Option is being exercised and the effective date of the proposed exercise, and shall be signed by the Option Holder. The Option Holder may withdraw such notice at any time prior to the close of business on the business day immediately preceding the effective date of the proposed exercise, in which case the Agreement shall be returned to him. Payment for Optioned Shares purchased upon the exercise of the Converted Option shall be made on the effective date of such exercise either (i) in cash, by certified check, bank cashier's check or wire transfer or (ii) subject to the approval of the Corporation, in shares of common stock of the Corporation ("Common Stock") owned by the Option Holder and valued at their Fair Market Value (as defined in section 8 hereof) on the effective date of such exercise, or partly in shares of Common Stock with the balance in cash, by certified check, bank cashier's check or wire transfer. Any payment in shares of Common Stock shall be effected by the delivery of such shares to the Corporate Secretary of the Corporation, duly endorsed in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidences as ...
TERM AND EXERCISE OF OPTIONS. The Options shall ----------------------------- remain outstanding (subject to the vesting and exercisability provisions provided herein) for a period of six (6) years beginning on the Date of Grant (the "Option Term").
TERM AND EXERCISE OF OPTIONS. 5.1 Options shall be exercised by the Optionee by giving written notice and the payment of the purchase price to the Company, in such form and method as may be determined by the Company and when applicable, by the trustee appointed under Section 102 (the "Trustee") in accordance with the requirements of Section 102, which exercise shall be effective upon receipt of such notice by the Company and the payment of the Purchase Price at its principal office. The notice shall specify the number of Shares with respect to which the Option is being exercised.
5.2 Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in Exhibit B to the Option Agreement; and (ii) the expiration of any extended period in any of the events set forth in Section 5.5 below.
5.3 The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options become vested and exercisable, prior to the Expiration Date, and provided that, subject to the provisions of Section 5.5 below, the Optionee is employed by or providing services to the Company or any of its Affiliates, at all times during the period beginning with the granting of the Option and ending upon the date of exercise.
5.4 Subject to the provisions of Section 5.5 below, in the event of termination of Optionee’s employment or services, with the Company or any of its Affiliates, all Options granted to such Optionee will immediately expire. A notice of termination of employment or service shall be deemed to constitute termination of employment or service.
5.5 Notwithstanding anything to the contrary hereinabove, an Option may be exercised after the date of termination of Optionee's employment or services with the Company or any Affiliate during an additional period of time beyond the date of such termination, but only with respect to the number of Vested Options at the time of such termination according to the Vesting Dates of the Options, if:
(i) termination is without Cause, in which event any Vested Option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination; or-
(ii) termination is the result of death or disability of the Optionee, in which event any Vested Option still in force and unexpired may be exercised within a period of twelve (12) months after the date of such termination; or -
(iii) prior to the date of such termination, the Committee shall au...
TERM AND EXERCISE OF OPTIONS. The Options shall remain ---------------------------- outstanding (subject to the vesting and exercisability provisions provided herein) for a period of ten (10) years beginning on the Date of Grant (the "Option Term"). Twenty percent (20.0%) of the Options shall vest on the Date of Grant and an additional twenty percent (20.0%) shall vest on each of the first, second, third and fourth anniversaries of the Date of Grant, so long as the Employee remains continually employed by the Company from the effective date of this Agreement through such date of vesting.
TERM AND EXERCISE OF OPTIONS. The Options shall remain outstanding ---------------------------- (subject to the vesting and exercisability provisions provided herein) during a period of six (6) years beginning on the Date of Grant (the "Option Term"). So long as the Employee remains continually employed by the Company from the date hereof through the date of vesting, the Options shall vest as follows: Options to acquire 33,334 shares shall vest on January 31, 1997, Options to acquire 33,333 shares shall vest on January 31, 1998, and Options to acquire the remaining 33,333 shares shall vest on January 31, 1999. Except as otherwise provided in Section 5 hereof, Options that have vested shall remain exercisable in whole at any time or in part and from time to time until the earlier to occur of the expiration of the Option Term and the expiration of one year after the date of the termination of the Employee's employment with the Company. The Employee shall not have any rights to dividends or any other rights of a stockholder of the Company with respect to any shares of Common Stock underlying the Options until such shares have been issued to him upon the exercise of the Options.
TERM AND EXERCISE OF OPTIONS. (a) The Options shall be valid for a period of ( ) years from the Date of Grant, subject to earlier termination as provided in Sections 5 and 6 hereof (the “Option Term”).
(b) The Options may be exercised, in whole or in part, at any time during the Option Term, in accordance with the vesting schedule set out in (c) below. Subject to such schedule and to other provisions of this Agreement, including without limitations Sections 5 and 6 hereof, any Options which are vested and unexercised shall remain outstanding during the Option Term and shall be exercisable at any time during such term.
(c) The Optionee’s rights to purchase the Option Shares shall become exercisable over a period of four years, commencing on (the “Commencement Date”), in the following manner and in accordance with Exhibit A hereof (Exhibit A shall govern in any event of discrepancy or inconsistency herewith): the Options to purchase 25% of the Option Shares shall become exercisable upon the lapse of the first anniversary of the Commencement Date; the Options to purchase the remaining Option Shares shall become exercisable in thirty six (36) equal monthly installments (i.e., a total vesting period of four years from the Commencement Date).
(d) Except as provided in Section 6, the Options may not be exercised unless, at the time the Options are exercised and at all times from the Commencement Date, the Optionee shall then be and shall have been an advisor or consultant of the Company or of any of its subsidiaries.
TERM AND EXERCISE OF OPTIONS. (a) The term of the Option shall be for a period which begins on the Grant Date and ends on the Expiration Date (set forth on the top of the first page of this Option Agreement under the caption “Expiration Date”), subject to earlier termination as provided below. Notwithstanding the foregoing, in no event shall the Option be exercisable after the expiration of ten (10) years from the Grant Date. Except as otherwise provided herein, during the term, the Optionee shall have the right to exercise the Option on and after the corresponding vesting dates set forth in Section 3 hereof.
(b) The Option shall be exercisable for three (3) months after Optionee ceases to be a Service Provider, unless such termination is due to Optionee’s death or Permanent Disability, which case the Option shall be exercisable for twelve (12) months after Optionee ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may the Option be exercised after the Expiration Date and the Option may be subject to earlier termination as provided in Section 7(c) of the Plan. For purposes hereof, “Permanent Disability” means the condition of being “disabled” within the meaning of Section 422(c)(6) of the Code.
TERM AND EXERCISE OF OPTIONS. The Company and the Optionholder agree that the term of the Options shall be indefinite. The Optionholder agrees that the Options shall not be exercisable for Shares, except and only to the extent expressly provided in this Agreement.
TERM AND EXERCISE OF OPTIONS. (i) Each Option shall become exercisable at the time or times determined by the Administrator and set forth in the applicable Award Agreement. At the time of grant of an Option, the Administrator may impose such restrictions or conditions to the exercisability of the Option as it, in its absolute discretion, deems appropriate, including, but not limited to, achievement of performance criteria. Subject to Section 2.02(d) hereof, the Administrator shall determine and set forth in the applicable Award Agreement the expiration date of each Option, which shall be no later than the tenth anniversary of the date of grant of the Option.
(ii) An Option shall be exercised by delivering the form of notice of exercise provided by the Company or in such other form as approved by the Company. Payment for shares of Stock purchased upon the exercise of an Option shall be made on the effective date of such exercise by one or a combination of the following means: (A) in cash or by personal check, certified check, bank cashier’s check or wire transfer; (B) in shares of Stock owned by the Participant and valued at their Fair Market Value on the effective date of such exercise; (C) broker assisted cashless exercise or net exercise; or (D) by any such other method as the Administrator may from time to time authorize in its sole discretion. Except as authorized by the Administrator, any payment in shares of Stock shall be effected by the delivery of such shares to the Secretary of the Company (or his designee), duly endorsed in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidences as the Secretary of the Company shall require.
(iii) Shares of Stock purchased upon the exercise of an Option shall, as determined by the Administrator, be evidenced by a book entry record or certificate issued in the name of or for the account of the Participant or other individual entitled to receive such shares, and delivered to the Participant or such other individual as soon as practicable following the effective date on which the Option is exercised.
TERM AND EXERCISE OF OPTIONS. The Options shall remain ---------------------------- outstanding (subject to the vesting and exercisability provisions provided herein) during a period of six (6) years beginning on the Date of Grant (the "Option Term"). One-half (1/2) of Options shall vest on January 31, 1997 and one-half shall vest on January 31, 1998, so long as the Emplo ▇▇▇ remains continually employed by the Company from the date hereof through such date of vesting. Except as otherwise provided in Section 5 hereof, Options that have vested shall remain exercisable in whole at any time or in part and from time to time until the earlier to occur of the expiration of the Option Term and the expiration of one year after the date of the termination of the Employee's employment with the Company. The Employee shall not have any rights to dividends or any other rights of a stockholder of the Company with respect to any shares of Common Stock underlying the Options until such shares have been issued to him upon the exercise of the Options.