Exercise of Option Clause Example with 6 Variations from Business Contracts
This page contains Exercise of Option clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 below) upon delivery of the following to the Company at its principal executive offices: (a)a written notice of exercise which identifies this O...ption Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a check or cash in the amount of the Exercise Price (or payment of the Exercise Price in such other form of lawful consideration as the Administrator may approve from time to time under the provisions of the Plan); (c)a check or cash in the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option (unless the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or by the withholding of Shares issuable upon exercise of this Option or the delivery of Shares owned by the Optionee in accordance with the provisions of the Plan, provided such arrangements satisfy the requirements of applicable law); and (d)a letter, if requested by the Company, in such form and substance as the Company may require, setting forth the investment intent of the Optionee, or person designated in Section 5 below, as the case may be.View More
Variations of a "Exercise of Option" Clause from Business Contracts
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 8 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that which has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 below) upon delivery of the following to the Company at its principal executive offices: (a)a (a) A written notice of exercise which ide...ntifies this Option Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a check or cash in the amount of the Exercise Price (or purchased); (b) A payment of the Exercise Price exercise price for Shares the Optionee is purchasing, to the extent permitted by law, in such one of the following forms: (i) A check or cash; (ii) By a "net exercise" arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise of the Option by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price. The Optionee must pay any remaining balance of the aggregate exercise price not satisfied by the "net exercise" in cash or other permitted form of lawful consideration payment; (iii) By delivery to the Company (either by actual delivery or attestation) of previously owned Shares that are owned free and clear of any liens, claims, encumbrances or security interests. The Fair Market Value of the Shares will be determined as of the Administrator effective date of the option exercise. The Option may approve from time not be exercised by delivery to time under the Company of previously owned Shares if doing so would violate the provisions of any law, regulation or agreement restricting the Plan); (c)a check redemption of the Company's Share; or cash in (iv) A combination of (i), (ii) or (iii) above. (c) Payment of the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option. The Optionee may arrange to pay any withholding taxes that may be due as a result of the Option (unless exercise pursuant to the Company and Optionee shall have made other arrangements for deductions following methods, in accordance with the terms of the Plan: (i) by payment by cash or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or check, (ii) by the withholding of Shares issuable upon exercise of this Option with a Fair Market Value no greater than the minimum amount required to be withheld by law, or (iii) by the delivery of Shares previously owned by the Optionee in accordance with a Fair Market Value no greater than the provisions minimum amount required to be withheld by law. The Fair Market Value of withheld or surrendered Shares, determined as of the Plan, provided date when taxes otherwise would have been withheld in cash, will be applied to the withholding taxes; and (d) Any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Shares upon exercise of the Option (and any subsequent resale of the Shares) will be in compliance with applicable laws and regulations. 2 The Shares issued upon exercise of the Option shall be transferred to Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such arrangements satisfy transfer and with the requirements of applicable law); this Agreement and (d)a letter, if requested by the Company, in such form and substance as the Company may require, setting forth the investment intent Plan. The determination of the Optionee, or person designated in Section 5 below, Committee as the case may be. to such compliance shall be final and binding on Optionee. View More
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 9 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that which has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 6 below) upon delivery of the following to the Company at its principal executive offices: (a)a (a) A written notice of exercise which i...dentifies this Option Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a check or cash in the amount of the Exercise Price (or purchased); (b) A payment of the Exercise Price exercise price for Shares the Optionee is purchasing, to the extent permitted by law, in such one of the following forms: i.A check or cash; ii.Only to the extent that the Option granted is a Nonqualified Option, by a "net exercise" arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise of the Option by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price. The Optionee must pay any remaining balance of the aggregate exercise price not satisfied by the "net exercise" in cash or other permitted form of lawful consideration payment; iii.By delivery to the Company (either by actual delivery or attestation) of previously owned Shares that are owned free and clear of any liens, claims, encumbrances or security interests. The Fair Market Value of the Shares will be determined as of the Administrator effective date of the option exercise. The Option may approve from time not be exercised by delivery to time under the Company of previously owned Shares if doing so would violate the provisions of any law, regulation or agreement restricting the Plan); (c)a check redemption of the Company's Share; or cash in iv.A combination of (i), (ii) but only to the extent that the Option granted is a Nonqualified Option or (iii) above. (c) Payment of the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option. The Optionee may arrange to pay any withholding taxes that may be due as a result of the Option (unless exercise pursuant to the Company and Optionee shall have made other arrangements for deductions following methods, in accordance with the terms of the Plan: (i) by payment by cash or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or check, (ii) by the withholding of Shares issuable upon exercise of this Option with a Fair Market Value no greater than the minimum amount required to be withheld by law, or (iii) by the delivery of Shares previously owned by the Optionee in accordance with a Fair Market Value no greater than the provisions minimum amount required to be withheld by law. The Fair Market Value of withheld or surrendered Shares, determined as of the Plan, provided date when taxes otherwise would have been withheld in cash, will be applied to the withholding taxes; and (d) Any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Shares upon exercise of the Option (and any subsequent resale of the Shares) will be in compliance with applicable laws and regulations. The Shares issued upon exercise of the Option shall be transferred to Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such arrangements satisfy transfer and with the requirements of applicable law); this Agreement and (d)a letter, the Plan. The determination of the Administrator as to such compliance shall be final and binding on Optionee. 2 5. Notice of Disqualifying Disposition of ISO Shares. If the Option is an Incentive Option and if requested the Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the exercise of the Incentive Stock Option on or before the later of (i) the date two years after the Grant Date, or (ii) the date one year after the date of exercise, the Optionee shall immediately notify the Administrator in writing of such disposition. The Optionee may be subject to income tax withholding by the Company, in such form and substance as Company on the Company may require, setting forth compensation income recognized by the investment intent of the Optionee, or person designated in Section 5 below, as the case may be. Optionee. View More
Exercise of Option. (a) General. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 10 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, 3, the portion of this Option that has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in pursuant to Section 5 below) 5) upon delivery of the following to the Company at its principal executive offices: (a)a written notice (...i) Notice of exercise Exercise of Stock Option and Investment Representations, in the form attached as Exhibit A to this Option Agreement, which identifies this Option Agreement and Agreement, states the number of Shares then being purchased, and sets forth the investment intent of the Optionee or person designated pursuant to Section 5, as the case may be; (ii) payment of the total Exercise Price for the Shares being purchased (but no fractional Shares in accordance with Section 4(b); and (iii) payment of any applicable withholding taxes in accordance with Section 4(c) below. (b) Payment of Exercise Price. The Optionee may be purchased), with any partial exercise being deemed elect to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a check or cash in the amount of pay the Exercise Price (or payment by any of the following methods of payment: (i) cash or check; (ii) Subject to the approval of the Administrator at the time of exercise and restrictions under applicable law, a "net exercise" arrangement pursuant to which the Company will reduce the number of Shares to be issued upon exercise by the number of Shares having an aggregate Fair Market Value as of the date of exercise equal to the total Exercise Price. The Shares used to pay the Exercise Price under this "net exercise" provision shall be considered to have resulted from the exercise of this Option, and accordingly, this Option will not again be exercisable with respect to such Shares, as well as any Shares actually delivered to Optionee; (iii) Subject to the approval of the Administrator at the time of exercise and restrictions under applicable law, delivery of Shares already owned by Optionee having an aggregate Fair Market Value as of the date of exercise equal to the total Exercise Price. "Delivery" for these purposes, in the sole discretion of the Administrator at the time of exercise, shall include delivery to the Company of the certificate(s) representing the Shares or Optionee's attestation of ownership of such Shares in a form approved by the Administrator; (iv) such other form of lawful consideration as may be approved by the Administrator may approve from time to time under to the provisions extent permitted by applicable law; or (v) any combination of the Plan); (c)a foregoing. (c) Withholding. At the time of exercise of this Option, Optionee shall deliver to the Company a check or cash in the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option (unless the Option. The Company and Optionee shall have made other arrangements for deductions the authority and the right to deduct or withholding withhold, or require Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including Participant's employment tax obligation) required by law to be withheld with respect to any taxable event concerning Participant arising as a result of this Option or otherwise under this Agreement, including, without limitation, the authority to deduct such amounts from Optionee's wages, bonus or other compensation payable to Optionee, or Participant by the withholding Company or, with the consent of the Administrator, the authority to reduce the number of Shares issuable to be issued upon exercise of this Option or (so long as such withholding will not result in adverse accounting consequences to the delivery of Shares owned by the Optionee in accordance with the provisions of the Plan, Company), provided such arrangements satisfy the requirements of applicable law); and (d)a letter, if requested law (with any such withholding based on the minimum statutory withholding rates (or such other rate as may be determined by the Company, in such form and substance as the Company may require, setting forth the investment intent of the Optionee, after considering any accounting consequences or person designated in Section 5 below, as the case may be. costs). View More
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 9 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that which has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 6 below) upon delivery of the following to the Company at its principal executive offices: (a)a a) a written notice of exercise which id...entifies this Option Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a he purchased); b) a check or cash in the amount of the Exercise Price (or payment of the Exercise Price in such other form of lawful consideration as the Administrator may approve from time to time under the provisions of the Plan); (c)a c) a check or cash in the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option (unless the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or by the withholding of Shares issuable upon exercise of this Option or the delivery of Shares owned by the Optionee in accordance with the provisions of the Plan, provided such arrangements satisfy the requirements of applicable law); tax laws); and (d)a letter, if requested by the Company, in such form and substance as d) any agreement, statement or other evidence that the Company may require, setting forth require to satisfy itself that the investment intent issuance of Shares upon exercise of the Optionee, Option (and any subsequent resale of the Shares) will be in compliance with applicable laws and regulations. The Shares issued upon exercise of the Option shall be transferred to Optionee on the records of the Company or person designated of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in Section 5 below, connection with such transfer and with the requirements of this Agreement and the Plan. The determination of the Administrator as the case may be. to such compliance shall be final and binding on Optionee. View More
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 9 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that which has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 below) upon delivery of the following to the Company at its principal executive offices: (a)a (a) a written notice of exercise which ide...ntifies this Option Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then purchased) unless the earliest vesting installments of unvested Shares; (b)a Company has established other procedures; (b) a check or cash in the amount of the Exercise Price (or payment of the Exercise Price in such other form of lawful consideration as the Administrator may approve from time to time under the provisions of Section 5.3 of the Plan); (c)a 2 (c) a check or cash in the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option (unless the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or by the withholding of Shares issuable upon exercise of this Option or the delivery of Shares owned by the Optionee in accordance with the provisions Section 13.1 of the Plan, provided such arrangements satisfy the requirements of applicable law); tax laws); and (d)a (d) a letter, if requested by the Company, in such form and substance as the Company may require, setting forth the investment intent of the Optionee, or person designated in Section 5 below, as the case may be. View More
Exercise of Option. On or after the vesting of any portion of this Option in accordance with Sections 2 or 11 8 hereof, and until termination of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that which has vested may be exercised in whole or in part by the Optionee (or, after his or her death, by the person designated in Section 5 below) upon delivery of the following to the Company at its principal executive offices: (a)a (a) a written notice of exercise which ide...ntifies this Option Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased), with any partial exercise being deemed to cover first vested Shares and then the earliest vesting installments of unvested Shares; (b)a purchased); (b) a check or cash in the amount of the Exercise Price (or payment of the Exercise Price in such other form of lawful consideration as the Administrator may approve from time to time under the provisions of Section 5.3 of the Plan); (c)a (c) a check or cash in the amount reasonably requested by the Company to satisfy the Company's withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option (unless the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee's wages, bonus or other compensation payable to Optionee, or by the withholding of Shares issuable upon exercise of this Option or the delivery of Shares owned by the Optionee in accordance with the provisions Section 11.1 of the Plan, provided such arrangements satisfy the requirements of applicable law); tax laws); and (d)a (d) a letter, if requested by the Company, in such form and substance as the Company may require, setting forth the investment intent of the Optionee, or person designated in Section 5 below, as the case may be. View More
