Long-Term Extended Options Sample Clauses

Long-Term Extended Options. A total of 71,969 Time-Based Options and the 45,971 stock options granted to Executive on February 20, 2008 and subject to performance-based vesting pursuant to the “First Performance-Based Tranche” (as defined in the applicable grant agreement, as amended in March, 2010) (the “Performance-Based Options”) which were vested and exercisable as of December 31, 2010 shall remain exercisable until the earlier of (i) the date of consummation of a Change in Control (as defined in the applicable grant agreement), (ii) the date they are exercised in accordance with their terms and (ii) the original expiration of their term. This amount represents 70% of the Time-Based Options and Performance-Based Options that were vested and exercisable as of December 31, 2010.