Time-Based Option definition

Time-Based Option means an Option with a fixed Exercise Price equal to the Fair Market Value of the underlying Common Stock on the Grant Date which vests ratably on each of the first through fifth anniversaries of the Grant Date (or such other dates as may be specified in the applicable Stock Option Grant Agreement), subject to the Participant’s continuous Employment through each such anniversary.

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Time-Based Option means an Option which is subject to time-based vesting conditions as set forth in the Option Grant Agreement as may be varied or accelerated by the Committee at its sole discretion. Unless the Committee provides otherwise, the vesting of the Time-Based Option may be suspended during any leave of absence.

Time-Based Option means, except as otherwise provided in the Plan or an Option Grant Agreement, an Option which vests ratably on each of the first through fifth anniversaries of the Grant Date until 100% of the Time-Based Options are fully vested and exercisable, subject in all cases to the Participant’s continuous Employment through each such vesting date. Unless the Committee provides otherwise, the vesting of the Time-Based Option may be suspended during any leave of absence as may be set forth by Company policy, if any.

Examples of Time-Based Option in a sentence

• The Time-Based Option agreement will specify that vested options shall be exercisable for up to ten (10) years, subject to the terms of this Agreement and the 2012 Plan.

• Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a Time-Based Option, a 2X Performance Option and a 3X Performance Option as set forth on the signature page hereto.

• Unless the Committee provides otherwise, the vesting of the Time-Based Option may be suspended during any leave of absence.

• Each Time-Based Option shall terminate on the date that is six months following the Executive’s termination date or (if earlier) upon the expiration of the term of the Time-Based Option.

• The Time-Based Option shall vest as follows: (i) one-quarter of the Time-Based Option will vest on the first anniversary of the Commencement Date; and (ii) the remaining balance will vest in equal monthly installments in arrears over the three (3) year period commencing on the first anniversary of the Commencement Date and ending on the fourth anniversary of the Commencement Date, all subject to Employee’s continued employment by the Company and the 2012 Plan, except as otherwise set forth herein.

• All Time-Based Options (including with respect to any previously-vested shares) may be exercised for a period of six months following the Executive’s termination date, but in no event later than the expiration date of the Time-Based Option.

• The exercise price per share for the Annual Time-Based Option shall be the Annual Closing Price.

• All Time-Based Options may be exercised for any Special Vesting Option Shares and any previously-vested shares for a period of six months following the Executive’s termination date, but in no event later than the expiration date of the Time-Based Option.

• Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a Time-Based Option as set forth on the signature page hereto.

• Each Time-Based Option ( including with respect to the Special Vesting Option Shares and any previously-vested shares) shall terminate on the date that is six months following the Executive’s termination date or (if earlier) upon the expiration of the term of the Time-Based Option.

More Definitions of Time-Based Option

Time-Based Option shall have the meaning set forth in Section 4.5.1.

Time-Based Option means a portion of the Option with respect to 30,000 shares of Common Stock.

Time-Based Option means Options described in Section 4.4.1.

Time-Based Option means an Option that vests in equal 20% installments on each of the first five anniversaries of the grant date, subject in all cases to the Participant’s continued employment through the applicable vesting date. Unless the Committee provides otherwise, the vesting of the Time-Based Option may be suspended during any leave of absence. In the event that a Participant’s employment is terminated as the result of a qualifying termination, 100% of the then outstanding unvested Time-Based Options held by the Participant shall immediately vest as of such qualifying termination of employment.

Time-Based Option means each Option other than the Performance-Based Option. “Performance-Based Option” means the Option to purchase 49,000 shares granted to Employee on August 12, 2020. As a result, the Parties agree that for purposes of determining the number of shares of the Company’s common stock that Employee is entitled to purchase from the Company pursuant to the exercise of outstanding Time-Based Options, Employee will be considered to have vested only up to and including the Termination Date. The Company agrees that Employee’s Performance-Based Options will remain outstanding and eligible to vest through the Consulting Period while Employee remains in service to the Company (or any subsidiary of the Company) in accordance with the terms of the related Stock Agreements. Notwithstanding the foregoing, in the event of a Corporate Transaction (as defined in the 2015 Plan) that occurs during the Consulting Period while Employee remains in service to the Company, one hundred percent (100%) of the then unvested shares subject to the then-outstanding Performance-Based Option will vest in full as of immediately prior to such Corporate Transaction. The foregoing constitutes an amendment to each Option. The exercise of Employee’s vested Options and shares acquired thereunder shall continue to be governed by the terms and conditions of the applicable Stock Agreements as modified by this Agreement. For the avoidance of doubt, Employee acknowledges that Employee will not be granted additional Company equity awards during the Consulting Period. Employee acknowledges that pursuant to the Internal Revenue Code of 1986, as amended (the “Code”), 3 months immediately after the Termination Date, any Options that remain outstanding and which qualify as an “incentive stock option” (an “ISO”) under Section 422 of the Code as of the Termination Date shall, immediately following such 3-month period, automatically cease to be treated as an ISO and shall instead thereafter be treated for tax purposes a nonstatutory stock option (“NSO”), to the extent any such ISOs remain outstanding, do not cease to be treated as an ISO sooner, and are not exercised within such 3-month period. Employee acknowledges that for each NSO held by Employee, upon exercise, such NSO shall be subject to all applicable tax withholdings, which shall be Employee’s sole responsibility. Employee agrees and acknowledges that Employee is solely responsible for keeping track of the relevant exercise period applicable to each O...

Time-Based Option means an Option that is not a Performance-Based Option.