VIRTUAL STOCK OPTIONS Sample Clauses

VIRTUAL STOCK OPTIONS. The Committee shall grant Tranche A VSOs and Tranche B VSOs to Original Participants on the terms and conditions of this Article 5 and other applicable provisions of the Plan: 5.1. TRANCHE A/TRANCHE B CARS. The Committee shall grant Tranche A CARs and Tranche B CARs to Participants on the following terms and conditions: (a) TRANCHE A/TRANCHE B GRANT PRICES. Each Tranche A CAR shall have a CAR Grant Price equal to Korean Won KRW 3,180, and each Tranche B CAR sha▇▇ ▇▇▇▇ ▇ ▇AR Grant Price equal to Korean Won KRW 4,500. (b) TRANCHE A/TR▇▇▇▇▇ ▇ ▇▇▇RCISE PRICES. The CAR Exercise Price for Tranche A CARs and Tranche B CARs that are vested on the date of an IPO shall be an amount, in Korean Won, equal to the IPO Share Price. The CAR Exercise Price for Tranche A CARs and Tranche B CARs that are not vested on the date of an IPO shall be an amount, in Korean Won, equal to (i) the IPO Share Price in the case of a deemed exercise pursuant to Section 5.1(e), and (ii) in all other cases the lesser of (A) the IPO Share Price, or (B) the Fair Market Value of a Share on the date of exercise or deemed exercise. (c) VESTING OF TRANCHE A CARS. Fifty percent (50%) of the Tranche A CARs shall be vested on the Date of Grant with respect to such CARs. The remaining fifty percent (50%) of the Tranche A CARs shall vest on the six-month anniversary of the Date of Grant, and if such six-month anniversary is not a Business Day, then on the immediately preceding day which is a Business Day; provided, however, that such Tranche A CARs shall be fully vested on the date of the termination of the Participant's employment with the Company if (i) prior to such six-month anniversary, the Participant's employment is terminated by the Company without Cause or terminates due to death or disability, or (ii) if so provided expressly in any employment agreement entered into between the Company and the Participant. In the event the Participant's employment with the Company is terminated for Cause, or the Participant voluntarily terminates employment with the Company, prior to such six-month anniversary of the Date of Grant, such remaining 50% of the Tranche A CARs held by such Participant shall not become vested and shall be cancelled as of the date of such termination of employment. (d) VESTING OF TRANCHE B CARS. Thirty-three and one-third percent (33-1/3%) of the Tranche B CARs shall vest on the first anniversary of the Date of Grant with respect to such CARs, an additional thirty-three and one-thi...