Grants to Non-Employee Directors. (i) Each Director of the General Partner who is not an employee of the General Partner, on the first day of the month following the effective date of the Plan, shall receive an Option to purchase five thousand (5,000) Common Units. Thereafter, each individual who becomes a non-employee Director of the General Partner, and who has not previously been granted an option pursuant to this Section 5.2, on the first day of the month following the date he or she becomes a Director, shall receive an Option to purchase five thousand (5,000) Common Units.
Grants to Non-Employee Directors. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs. Awards pursuant to this Section 13 may be automatically made pursuant to policy adopted by the Board, or made from time to time as determined in the discretion of the Board. No Non-Employee Director may receive Awards under the Plan with an aggregate grant date fair value that, when combined with cash compensation received for service as a Non-Employee Director, exceeds $750,000 value (described below) in a calendar year, increased to $1,000,000 in the calendar year of his or her initial services as a Non-Employee Director. Grant date fair value for purposes of Awards to Non-Employee Directors under the Plan will be determined as follows: (a) for Options and SARs, grant date fair value will be calculated using the Company’s regular valuation methodology for determining the grant date fair value of such Options or SARs for reporting purposes and (b) for all other Awards, grant date fair value will be determined by either (i) calculating the product of the Fair Market Value per Share on the date of grant and the aggregate number of Shares subject to the Award or (ii) calculating the product using an average of the Fair Market Value over a number of trading days and the aggregate number of Shares subject to the Award as determined by the Committee. Awards granted to an individual while he or she was serving in the capacity as an Employee or while he or she was a Consultant but not a Non-Employee Director will not count for purposes of the limitations set forth in this Section 13. All Awards to Non-Employee Directors shall be made pursuant to an Award Agreement.
Grants to Non-Employee Directors. (a) Within ninety business days following the Annual Meeting of stockholders of the Company held in 1995, the Committee may, in its sole discretion, grant to each member of the Board who is not then an employee of the Company or any Subsidiary thereof an Option to purchase not more than one hundred thousand (100,000) shares of Common Stock. Thereafter, on the first business day following each annual meeting of stockholders of the Company, the Committee may, in its sole discretion, grant to each member of the Board who is not then an employee of the Company or any Subsidiary thereof an Option to purchase not more than one hundred thousand (100,000) shares of Common Stock. In the event that such date shall in any year fall on a day on which the Common Stock is not publicly traded, Options shall instead be granted pursuant to this Section 23 on the next following trading day.
