Term of Option and Conditions of Exercise Sample Clauses

The 'Term of Option and Conditions of Exercise' clause defines the time period during which an option—such as the right to purchase shares or property—can be exercised, as well as the specific requirements that must be met for the option to be validly exercised. This may include deadlines for notification, payment terms, or other procedural steps the option holder must follow. By clearly outlining both the duration and the conditions for exercising the option, this clause ensures that both parties understand their rights and obligations, reducing the risk of disputes over whether the option was properly exercised.
Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A (which shall not exceed ten years from the Grant Date), subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease. (b) Subject to the provisions of the Plan and this Stock Option Agreement, and so long as the Optionee continues to be employed by the Company, the Option shall vest after one year from the Grant Date as to 25% of the Option Shares, after two years from the Grant Date as to 50% of the Option Shares, after three years from the Grant Date as to 75% of the Option Shares and after four years from the Grant Date as to 100% of the Option Shares (as set forth on Exhibit A).
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Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A, subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease. (b) Subject to the provisions of the Plan and this Stock Option Agreement, except as may otherwise be provided by the Committee, the Option shall vest in accordance with the schedule set forth on Exhibit A, so long as the Optionee continues to be employed by or provide service to the Company or a Subsidiary; provided, however, that the Option shall become fully vested and exercisable upon the death of the Optionee or the termination of the Optionee’s employment or service due to the disability (as defined in the Company’s long-term disability plan) of the Optionee.
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Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A (which shall not exceed ten years from the Grant Date), subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease. (b) The Option Shares shall vest based on the achievement of the financial performance goals during fiscal year 2009 as set forth on Exhibit A; provided, however, that if the number of Option Shares would result in the issuance of a fraction of a share, no fractional share shall be issued and instead the number of Option Shares shall be increased or decreased to the next whole number. The determination by the Committee with respect to the financial performance levels achieved by the Company during fiscal year 2009 and the number of Option Shares that vests shall be made on a date not later than July 31, 2009 (the “Performance Measurement Date”). Any Option Shares that fail to meet the financial performance goals set forth on Exhibit A shall be forfeited. The Option Shares that have vested based on the achievement of the financial performance goals are herein referred to as the “Performance Vested Shares.” So long as the Optionee continues to be employed by the Company, the Performance Vested Shares shall vest after one year from the Grant Date as to one-third of the Option Shares, after two years from the Grant Date as to two-thirds of the Performance Vested Shares and after three years from the Grant Date as to 100% of the Performance Vested Shares; provided, however, that any fractional Performance Vested Shares shall not vest, or be delivered, until the final vesting event.
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Term of Option and Conditions of Exercise. (a) The Option has been granted as of the Grant Date and shall terminate on the Expiration Date specified on Exhibit A, subject to earlier termination as provided herein and in the Plan. Upon the termination or expiration of the Option, all rights of the Optionee in respect of such Option hereunder shall cease. (b) Subject to the provisions of the Plan and this Stock Option Agreement, the Option shall vest in accordance with the schedule set forth on Exhibit A, so long as the Optionee continues to be employed by the Company.
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Term of Option and Conditions of Exercise 
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Related to Term of Option and Conditions of Exercise

  • Conditions of Exercise Unless otherwise determined by the Board in its sole discretion, the Option will be exercisable only in accordance with the conditions stated in this Section 3. (a) Except as otherwise provided in Section 10.1(b) of the Plan or in the last sentence of this Section 3(a), the Option will not be exercisable until the Initial Vesting Date and may be exercised thereafter only to the extent it has become exercisable in accordance with the following schedule: (i) On and after the Initial Vesting Date, the Option shall be exercisable as to 33.34% of the Option Shares; (ii) On and after the second Annual Meeting Date following the Effective Date, the Option shall be exercisable as to 66.67% of the Option Shares; and (iii) On and after the third Annual Meeting Date following the Effective Date, the Option shall be exercisable as to 100% of the Option Shares. [Please refer to the website of the Third Party Administrator for the specific vesting schedule related to the exercisability of the Option (click on the specific grant under the tab labeled “Grants/Award/Units”).] Notwithstanding the foregoing, the Option will become exercisable in full on the date of the Grantee’s termination of service as a Nonemployee Director if (i) the Grantee’s service as a Nonemployee Director terminates by reason of Disability or (ii) the Grantee dies while serving as a Nonemployee Director. (b) To the extent the Option becomes exercisable, the Option may be exercised in whole or in part (at any time or from time to time, except as otherwise provided herein) until expiration of the Term or earlier termination thereof. (c) The Grantee acknowledges and agrees that the Board may, in its discretion and as contemplated by Section 3.3 of the Plan, adopt rules and regulations from time to time after the date hereof with respect to the exercise of the Option and that the exercise by the Grantee of the Option will be subject to the further condition that such exercise is made in accordance with all such rules and regulations as the Board may determine are applicable thereto.

  • Terms and Conditions of Options The Options evidenced hereby are subject to the following terms and conditions:

  • Term of Options Unless the Options terminate earlier pursuant to the provisions of this Agreement or the Plan, the Options shall expire on the seventh (7th) anniversary of the Grant Date (“Option Expiration Date”).

  • Term of Option This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

  • Conditional Exercise Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction.