Examples of Subsequent Option in a sentence
In the event that the date of grant of the Subsequent Option is not a trading day, the exercise price per Share shall be the Fair Market Value on the next trading day immediately following the date of grant of the Subsequent Option.
An Independent Director elected for the first time to the Board at an annual meeting of stockholders shall only receive an Initial Option in connection with such election, and shall not receive a Subsequent Option on the date of such meeting as well.
Each Subsequent Option shall vest and become exercisable on the earlier of the first anniversary of the date of grant or the day immediately prior to the date of the next annual meeting of the Company’s stockholders occurring after the date of grant, in either case, subject to the Non-Employee Director continuing in service as a Non-Employee Director through such vesting date.
Subsequent Options granted to Independent Directors shall become vested in twelve equal monthly installments of 1/12 of the shares subject to such option on the first day of each calendar month following the date of the Subsequent Option Grant, subject to a director’s continuing service on the Board through such dates.
The terms of the Initial, and any Subsequent, Option grant shall be set forth in written option agreement between Company and Executive.
Although Company and Executive intend the Initial Option to be in lieu of normal annual or other option grants through the end of 2004, the Committee may at any time in its discretion consider Executive for possible future annual or other grants of Options (such Options, collectively, the "Subsequent Options") and, commencing in 2005, shall at least once during each year consider Executive for a grant of a Subsequent Option.
In the case of the Chairman of the Board of Directors, the Subsequent Option will be for 30,000 shares of common stock.
In addition, non-employee directors (other than the Chairman of the Board of Directors) will automatically be granted a subsequent option on the date of the Annual Meeting of Stockholders in each year during such director’s service on the Board (Subsequent Option) to purchase 20,000 shares of common stock under the Directors’ Option Plan.
For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive the Initial Option in connection with such election, and shall not receive a Subsequent Option on the date of such meeting as well.
Each Subsequent Option and Committee Service Option is fully vested on the date of its grant.