Ongoing Grants. On each annual anniversary of each Non-Employee Director’s immediately preceding election or appointment to the Board, such Non-Employee Director shall automatically be granted a fully vested Option to purchase 10,000 Shares (with such grant increased to 15,000 Shares for the then current Chairman of the Board), or such lesser amount of Shares as is allowed pursuant to Section 9.5, provided that such Non-Employee Director is still a member of the Board.
Appears in 2 contracts
Sources: 2003 Equity Incentive Plan (Cell Therapeutics Inc), 2003 Equity Incentive Plan (Cell Therapeutics Inc)