Vesting Rights

Vesting Rights. Vesting of the options granted by the Company occurs at the discretion of the Board and in three annual stages in the absence of a specific Board Resolution, and the stock options granted under the stock option plan are generally non transferable other than to a legal or beneficial holder of the options upon the option holder's death. The rights to vested but unexercised options cease to be effective: (1) 18 months after death of the stock options... holder; (2) 6 months after Change of Control of the Company; 12 months after loss of office due to health related incapacity or redundancy; or (5) 12 months after the retirement of the options holder from a position with any subsidiary of the Company. View More

Vesting Rights. Vesting of the options granted by the Company occurs at the discretion of the Board and unless otherwise stated will be come fully vested at the end of thirty-six months as follows: 10% at the end of six months, an additional 10% at the end of twelve months, an additional 15% at the end of eighteen months, an additional 15% at the end of twenty four months, an additional 25% at the end of thirty months and finally an additional 25% at the end of thirty-six months in the absence of a specific... Board Resolution, and the stock options granted under the stock option plan are generally non transferable other than to a legal or beneficial holder of the options upon the option holder's death. The rights to vested but unexercised options cease to be effective: (1) 18 months after death of the stock options holder; (2) 6 months after Change of Control of the Company; 12 months after loss of office due to health related incapacity or redundancy; or (5) 12 months after the retirement of the options holder from a position with any subsidiary of the Company. View More