Term of Options Exercisability Sample Clauses

The 'Term of Options; Exercisability' clause defines the period during which an option holder is permitted to exercise their options and the conditions under which this can occur. Typically, this clause specifies the start and end dates for exercising options, such as a vesting schedule and an expiration date, and may outline any events that could accelerate or terminate exercisability, like termination of employment or a company acquisition. Its core function is to provide clear boundaries and expectations for both the issuer and the option holder, ensuring that both parties understand when options can be validly exercised and when rights to exercise will lapse.
Term of Options Exercisability. (a) Term The Option shall expire Six (6) Years from the date of this Agreement, but shall be subject to earlier termination as herein provided. (i) Except as otherwise provided in this Section 2, if the Optionee at any time hereafter ceases for any reason to be employed as an employee of the Company or one of its Subsidiaries, or ceases for any reason to serve as a Director of the Company, the Option granted to the Optionee hereunder shall terminate 12 months after the day following the date the Optionee ceases employment or services as a Director with the Company or one of its Subsidiaries, or on the date on which the Option expires pursuant to this Agreement, whichever occurs first. For the purpose of this section, the Optionee's termination and/or resignation date shall be the date of `Letter of Termination' or `Letter of resignation' (as the case may be). (ii) Notwithstanding paragraph (i) hereof, if such termination of employment or of directorship is because the Optionee has become permanently disabled (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code")), the Option granted hereunder shall terminate on the first anniversary of the date such Optionee ceases to be an employee or Director of the Company or one of its Subsidiaries, or on the date on which the Option expires pursuant to this Agreement, whichever occurs first. (iii) Notwithstanding paragraph (i) hereof, in the event of the death of the Optionee, the Option granted to such Optionee shall terminate on the first anniversary of the date of the Optionee's death, or on the date on which the Option expires pursuant to this Agreement, whichever occurs first. (iv) Notwithstanding paragraph (i) hereof, if the Optionee at any time hereafter ceases to be an employee of the Company or one of its Subsidiaries on account of his/her termination for "cause," or to the termination of his/her directorship under circumstances of "cause" the Option granted to the Optionee hereunder and all rights of the Optionee under this Agreement to the extent not exercised shall be automatically canceled and terminated on the date the Optionee ceases employment or directorship with the Company or one of its Subsidiaries. For this purpose, termination for "cause" means the following: the Optionee's violation of copyright/trademark protection maintained by the Company or its Subsidiaries; the Optionee's engaging or assisting in any business in competition with the Company or ...
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Term of Options Exercisability. 1. This Option shall expire 5 years from the date hereof of this Agreement (the "Expiration Date"), subject to earlier termination as herein provided. 2. Except as otherwise provided in this Section 4, if the Optionee's employment by the Company is terminated for any reason, the Option shall terminate on the earlier of (i) three months after the date the Optionee's employment is terminated, or (ii) the date on which the Option expires by its terms. 3. If the Optionee's employment by, of, or to, the Company is terminated by the Company for cause (as such term is defined in his employment agreement), the Option will to the extent not terminated be deemed to have terminated on the date immediately preceding the date the Optionee's employment by, or retention as an agent, director of, or consultant to, the Company is terminated by the Company and its subsidiaries. 4. If the Optionee's employment by the Company is terminated because of disability or death, the Option shall terminate on the earlier of (i) one year after termination, or (ii) the date on which the Option expires by its terms.
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Term of Options Exercisability. (i) This Option shall expire 5 years from the date hereof of this Agreement (the "Expiration Date"), subject to earlier termination as herein provided. (ii) Except as otherwise provided in this Section 4, if the Optionee's employment by the Company is terminated for any reason, the Option shall terminate on the earlier of (i) three months after the date the Optionee's employment is terminated, or (ii) the date on which the Option expires by its terms. (iii) If the Optionee's employment by, of, or to, the Company is terminated by the Company for cause (as such term is defined in his employment agreement), the Option will to the extent not terminated be deemed to have terminated on the date immediately preceding the date the Optionee's employment by, or retention as an agent, director of, or consultant to, the Company is terminated by the Company and its subsidiaries. (iv) If the Optionee's employment by the Company is terminated because of disability or death, the Option shall terminate on the earlier of (i) one year after termination, or (ii) the date on which the Option expires by its terms.
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Term of Options Exercisability. (a) The Option shall expire not more than ten (10) years from the date of the granting thereof, but shall be subject to earlier termination as herein provided. (b) The Option shall cease to vest as of the last day the Employee ceases to be an employee of the Company for any reason whatsoever. (c) Except as otherwise provided in this Section 4, if the Employee ceases to be an employee of the Company, the Employee’s ability to exercise the Option shall terminate as of the day the Employee ceases to be an employee of the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. However, in the event the Employee is terminated for Cause (as hereinafter defined), the Employee’s ability to exercise the Option shall terminate on the day the Employee ceases to be an employee of the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. (d) As used herein, “Cause” shall mean the Employee’s commission of a felony or a crime involving moral turpitude, the Employee’s breach of any provision of an agreement with the Company, the Employee shall have repeatedly been absent from work without satisfactory explanation therefor, or the Employee shall have committed an improper act with respect to, or act of dishonesty against, the Company.
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Term of Options Exercisability 
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Related to Term of Options Exercisability

  • Exercisability This option shall be exercisable as to: 400 immediate This option shall remain exercisable as to all vested shares until January 1,2014 (but not later than ten (10) years from the date this option is granted) unless this option has expired or terminated earlier in accordance with the provisions hereof or in the Plan. Subject to paragraphs 4 and 5, shares as to which this option becomes exercisable pursuant to the foregoing provision may be purchased at any time prior to expiration of this option.

  • Exercisability of Option Unless otherwise provided in this Agreement or the Plan, this Option shall entitle the Participant to purchase, in whole at any time or in part from time to time, to the extent the Option is vested in accordance with the vesting schedule herein, the Shares subject to this Option, and each such right of purchase shall be cumulative and shall continue, unless sooner exercised or terminated as herein provided, during the remaining Option Period.

  • Period of Exercisability SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY -------------------------------------------- (a) Subject to Sections 3.4 and 3.5, the Option shall become exercisable in four (4) cumulative installments as follows: (i) The first installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the first anniversary of the date the Option is granted. (ii) The second installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the second anniversary of the date the Option is granted. (iii) The third installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the third anniversary of the date the Option is granted. (iv) The fourth installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the fourth anniversary of the date the Option is granted. (b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable. SECTION 3.2 - DURATION OF EXERCISABILITY ---------------------------------------- The installments provided for in Section 3.1 are cumulative. Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3. In the event the provisions of Section 3.4 become applicable, the Option shall remain exercisable until it becomes unexercisable under Section 3.3.

  • Commencement of Exercisability (a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. (b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Services shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. [

  • Duration of Exercisability The installments provided for in Section 3.1 are cumulative. Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3.