Common use of Vesting and Exercisability of Option Clause in Contracts

Vesting and Exercisability of Option. The Option shall vest and become exercisable on the terms and conditions hereinafter set forth: (a) The Option shall vest and become exercisable (on a cumulative basis) in such installments (after giving effect to any adjustment pursuant to the Plan) and on such vesting dates, as set forth in Section 5 of the Option Award, provided that the Optionee remains a member of the Board of Directors of the Company as of each such applicable vesting date as indicated in Section 5 of the Option Award. (b) In addition, the Option shall vest and become exercisable to the extent and as provided in Sections 6, 7 and 8 hereof and as expressly provided by the terms of any Individual Agreement (as defined in the Plan) between the Optionee and the Company or one of its Subsidiaries or Affiliates. The Committee may decide, in its absolute discretion, to accelerate the vesting of all or some lesser portion of any unvested Options at any time, at the date specified by the Committee. (c) The Option may be exercised pursuant to the provisions of this Section 3 and Sections 6, 7 and 8 hereof, by delivery of an Exercise Notice and payment to the Company as provided in Sections 10 and 15 hereof.

Vesting and Exercisability of Option. The Option shall vest and become exercisable on the terms and conditions hereinafter set forth: (a) The Option shall vest and become exercisable (on a cumulative basis) in such installments (after giving effect to any adjustment pursuant to the Plan) and on such vesting dates, as set forth in Section 5 of the Option Award, provided that the Optionee (i) remains a member of the Board of Directors an Employee of the Company or one of its Subsidiaries or Affiliates as of each such applicable vesting date as indicated in Section 5 of the Option Award, and (ii) there not having occurred a “For Cause Event” as such term is defined in the Employment Agreement. (b) In addition, the Option shall vest and become exercisable to the extent and as provided in Sections 6, 7 and 8 hereof and as expressly provided by the terms of the Employment Agreement or any other Individual Agreement (as defined in the Plan) between the Optionee and the Company or one of its Subsidiaries or Affiliates. The Committee may decide, in its absolute discretion, to accelerate the vesting of all or some lesser portion of any unvested Options at any time, at the date specified by the Committee. (c) The Option may be exercised pursuant to the provisions of this Section 3 and Sections 6, 7 and 8 hereof, by delivery of an Exercise Notice and payment to the Company as provided in Sections 10 and 15 hereof.