Term and Vesting of Option Clause Samples
The 'Term and Vesting of Option' clause defines the duration for which an option is valid and the schedule by which the option holder earns the right to exercise the option. Typically, this clause specifies the total period during which the option can be exercised, such as a set number of years, and outlines a vesting schedule, which may be gradual (e.g., monthly or annually) or based on milestones. By clearly stating when and how options become exercisable, this clause ensures both parties understand the conditions under which rights are granted, thereby preventing disputes and aligning incentives.
Term and Vesting of Option. The term of the Option shall be for a period of five (5) years (the "Term") from the date of this Agreement and, subject to the terms and provisions hereof, the Option shall be fully vested and may be exercised in whole or in part with respect to all or any portion of the shares to which it related.
Term and Vesting of Option. The Option shall expire (the "Expiration Date") upon the earlier to occur of: (a) the close of business on the tenth anniversary of the date hereof or (b) one (1) year after the date on which the Optionee is no longer a director of the Company. Prior to the Expiration Date, the Optionee shall be entitled to exercise the Option as to all or any part of the Option Shares for which the Option may be exercised at any time after (i) the first anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company, (ii) the second anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company, and (iii) the third anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company; provided, however, in the event of the sale of all or substantially all of the assets of the Company or a merger, consolidation or other reorganization of the Company in which the shareholders of the Company immediately prior to such merger, consolidation or reorganization constitute less than eighty percent (80%) of the voting power of the surviving corporation, all of the Option Shares shall be exercisable upon the occurrence of such event. Notwithstanding the foregoing, the Option may in no event be exercised by anyone to any extent in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Term and Vesting of Option. Except as otherwise provided in Section IV, the Option shall have a term of ten (10) years from _______________________, 2006 until _____________________ 2016 and shall vest in accordance with the vesting schedule set forth on the signature page hereof.
Term and Vesting of Option. Subject to the terms of this Agreement, the Option shall expire five years from the date of this Agreement and may be exercised at any time from the date hereof until the expiration date for all or any portion of the Shares (in whole shares); provided, however, that if the Option is partially exercised, it shall be done so in denominations of 25,000 Shares or more.
Term and Vesting of Option. The term of the Option shall be ten (10) years ("Term") from the date of this Agreement and, subject to the terms and provisions hereof. The Option shall vest and Optionee may exercise the Option in accordance with the vesting schedule specified in the attached Notice and within the Term. Subject to the foregoing, the Option may be exercised in whole or in part with respect to all or any portion of the shares to which it relates.
Term and Vesting of Option. The Option shall be completely vested on the date hereof and shall expire (the "Expiration Date") upon the earlier to occur of: (a) the close of business on the tenth anniversary of the date hereof or (b) five (5) years after the date on which the Optionee is no longer employed by the Company. Notwithstanding the foregoing, the Option may in no event be exercised by anyone to any extent in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Term and Vesting of Option. Except as otherwise provided in Section IV, the Option shall have a term of ten (10) years from February 24, 2009 until February 24, 2019 and shall vest in accordance with the vesting schedule set forth on the signature page hereof.
Term and Vesting of Option. The Option shall be vested in full as of -------------------------- November 1, 1999. The Option shall expire on November 1, 2009 (the "Expiration Date"). Notwithstanding the foregoing, the Option may in no event be exercised in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Term and Vesting of Option. The term of the Option shall be for a period of ten (10) years from the date of this Agreement and, subject to the terms and provision hereof and the Plan, the Option shall vest and first become exercisable (subject to early exercise pursuant to Section 8.2 of the Plan and are exercisable at any time thereafter prior to termination or expiration as provided for by this Agreement and by the Plan) on the fifth anniversary of the Grant Date.
Term and Vesting of Option. The date of grant of the Option is March 27, 2012, and the Option shall expire on and may not be exercised after March 27, 2017 (the “Term”), unless such Term is reduced or extended as provided for herein or in the Stock Incentive Plan. The Shares of Common Stock underlying the Option vest as follows: ___________ Shares vest on December 31, 2012, and thereafter may be purchased at $0.10 per share; and ___________ Shares vest on December 31, 2013, and thereafter may be purchased at $0.10 per share. Unless the Administrator determines otherwise, upon the termination of your service as a member of IET’s Board of Directors for any reason whatsoever, including death and Disability, your right to purchase any Shares underlying the Option which have not vested shall terminate and be of no further effect. Any Shares of Common Stock underlying the Option which have vested at the time your service as a member of IET’s Board of Directors terminates, for any reason including death, shall remain subject to purchase through the remainder of the Term. In the event of a Change in Control of IET, the Option becomes fully vested as of ten days prior to the Change in Control.