Original Options definition
Examples of Original Options in a sentence
The number of shares subject to any such Additional Option shall be calculated by taking the number of shares issued pursuant to such Purchase Price Adjustment provisions multiplied by three (3) and then determining the individual recipients' pro rata share based on the number of shares subject to each recipient's Original Option compared to the number of shares subject to the total of Original Options granted to then remaining employees.
In order to facilitate the grant of stock options under the Plan to certain officers of the Company that was approved by the Compensation Committee of the Board on November 20, 2000 in connection with the Company's re-structuring and to ensure there are a sufficient number of stock options available under the Plan for such grant, Executive hereby forfeits all right, title and interest to the Original Options, whether vested or unvested.
Any of the Original Options that do not vest pursuant to this Agreement at or before the time you cease to be employed by the Company shall be forfeited and terminated without payment of any consideration.
In connection with the delivery of this letter, the Stock Option Committee under the Company's 1992 Stock Option Plan has granted to you, effective upon the Start Date, an option to purchase 100,000 shares of Class B common stock which will be registered pursuant to a Form S-8 (the "Original Options") in accordance with the Advanta Corp.
The Original Options shall have an exercise price of $85 per share.
The Company adopted the Stock-Based Incentive Compensation Plan (the "Original Plan"), as of March 1, 1994, to provide for the grant to certain employees of the Company ("Participants") of options ("Original Options") to purchase shares of Class B Nonvoting Stock, $0.01 par value, of the Company (the "Stock").
The number of shares subject to any such Additional Option shall be calculated by taking the number of shares issued pursuant to such Purchase Price Adjustment provisions multiplied by three (3) and then determining the individual recipients' pro rata share based on the number of shares subject to each recipient's Original Option compared to the number of shares subject to all Original Options granted.
In the event of a termination of your employment (under circumstances in which the accelerated vesting provisions of 3 Paragraph 7 apply) the time to exercise the Original Options shall be two years commencing as of the date of your departure from the Company, after which the Original Options shall expire, unless in any case a longer period of time to exercise is customarily accorded to senior management executives, in which case you shall also be accorded such longer time to exercise.
Upon stockholder approval of the New Option, the Original Options immediately terminated.
For the avoidance of any doubt, the remaining shares subject to the Original Options will continue to vest in accordance with the terms and conditions of the Original Options as if the shares that vested in connection with the Change of Control came from the shares subject to the Original Options that would have vested at the end of each Original Option’s vesting schedule.