Automatic Grants. To the extent that AMVAC undertakes in this Agreement to grant to BASF any license or right including, without limitation, under Section 6.1(B) (but excluding those grants for which a [*] must be mutually agreed) upon the occurrence or happening of any event or condition (including, by way of example and not limitation, the conversion of a license from [*] and the conversion of a license from [*]), each such license shall be deemed automatically granted upon the occurrence or happening of such event or condition without the need for any further action to be taken by either Party or their respective Affiliates, notwithstanding the provisions of Section 13.7.
Automatic Grants. Notwithstanding any other provisions of this Plan, each Director who is a Non-Employee Director, other than an Emeritus Director, on the Effective Date shall receive, on said date, Non-ISOs to purchase 4,150 Shares, at an Exercise Price per Share equal to the Market Value of the Common Stock on the date of grant.
Automatic Grants. Each person who is an Independent Director as of the effective date hereof automatically shall be granted (i) an Option valued at $20,000 to purchase Common Stock (subject to adjustment as provided in Section 11.3) on such effective date and (ii) commencing in the first calendar year which begins after the effective date hereof, an Option valued at $20,000 to purchase Common Stock (subject to adjustment as provided in Section 11.3) on the date of each annual meeting of the Company's stockholders at which the Independent Director is reelected to the Board. During the term of the Plan, a person who is initially elected to the Board after the effective date hereof and who is an Independent Director at the time of such initial election automatically shall be granted (i) an Option valued at $20,000 to purchase Common Stock (subject to adjustment as provided in Section 11.3) on the date of such initial election and (ii) commencing in the first calendar year which begins after the date of such election, an Option valued at $20,000 to purchase Common Stock (subject to adjustment as provided in Section 11.3) on the date of each annual meeting of the Company's stockholders at which the Independent Director is reelected to the Board. Members of the Board who are employees of the Company who subsequently retire from the Company and remain on the Board will not receive an Option grant pursuant to this Section 4.5(a).
