Option Grant Program definition

Option Grant Program means the option grant program in effect under the Plan.

Option Grant Program means this Plan.

Option Grant Program means the option grant program in effect under the terms of the Plan as described and defined in Section 1.4 below;

Examples of Option Grant Program in a sentence

• The Plan Administrator may permit any Optionee or Participant to pay the option exercise price under the Option Grant Program or the purchase price for shares issued under the Stock Issuance Program by delivering a full-recourse, interest bearing promissory note secured by the purchased shares.

• Unless doing so would not comply with applicable law, the Plan Administrator may permit any Optionee or Participant to pay the exercise price for shares subject to an option granted under the Discretionary Option Grant Program or the purchase price of shares issued under the Stock Issuance Program by delivering a full-recourse, interest-bearing promissory note secured by the purchased shares and payable in one or more installments.

• Individuals who first become non-Employee Board members after the Plan Effective Date who have not previously been in the employ of the Corporation (or any Parent or Subsidiary) shall be eligible to receive an initial option grant under the Automatic Option Grant Program at the time he or she first becomes a non-Employee Board member.

• The Corporation’s right to repurchase the unvested shares of Common Stock must lapse at the rate of at least 20% per year over five years from the date the option was granted pursuant to the Discretionary Option Grant Program or the shares were issued pursuant to the Stock Issuance Program.

• In addition, a non- Employee Board member shall be eligible to receive an annual option grant under the Automatic Option Grant Program; provided such individual has been serving on the Board for at least six months prior to the date of grant.

• Each option granted under the Automatic Option Grant Program shall be immediately exercisable for any or all of the shares subject to the option.

• The Plan Administrator shall have the absolute discretion either to grant options in accordance with the Discretionary Option Grant Program or to effect stock issuances in accordance with the Stock Issuance Program.

• Each option granted pursuant to the Discretionary Option Grant Program that is assumed, substituted or otherwise continued in effect in connection with a Change in Control shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control had the option been exercised immediately prior to such Change in Control.

• Only certain non-Employee Board members shall be eligible to participate in the Automatic Option Grant Program.

• Options may be granted pursuant to the Discretionary Option Grant at any time on or after the Plan Effective Date, and the initial option grants made pursuant to the Automatic Option Grant Program may also be made on the Plan Effective Date to any non-Employee Board members eligible for such grants at that time.