First Option Award definition

First Option Award means the first Option to purchase a certain number of shares granted to an Outside Director upon his or her election by the stockholders of appointment by the Board.
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Examples of First Option Award in a sentence

  • The First Option Award shall be fully exercisable upon grant and shall vest at the rate of 20% on the first anniversary of the date of grant, with the remainder of the First Option Award vesting in a series of sixteen (16) successive equal quarterly installments measured from the first anniversary of the date of grant, in each case (except as provided in Section 5 below), provided that Executive is in the service of the Company as of the relevant vesting date.

  • The “Time-Based Requirement” corresponds to the vesting schedule of the First Option Award, as set forth in paragraph (a) above (except that the date of grant is December 29, 2017, and for the avoidance of doubt, the Time-Based Requirement of such option shall begin to run on the Start Date).

Related to First Option Award

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Incentive Share Option means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

  • Director Option means an Option granted pursuant to Section 6.

  • Option Grant Date means, as to any Stock Option, the latest of: