Subsequent Option definition
Examples of Subsequent Option in a sentence
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 event that Pieris exercises the Subsequent Option, Pieris will pay Enumeral an additional undisclosed license fee.
The exercise price of the Subsequent Option shall equal the fair market value of the Company's common stock on the Subsequent Grant Date.
The Subsequent Option will be subject to the terms, definitions and provisions of the Option Plan and the Option Agreement, both of which documents are incorporated herein by reference.
Subject to the accelerated vesting provisions set forth herein, the Subsequent Option will vest as to 25% of the shares subject to the Subsequent Option on the Subsequent Grant Date, and as to 1/48th of the shares subject to the Subsequent Option monthly thereafter, so that the Subsequent Option will be fully vested and exercisable three (3) years from the Subsequent Grant Date, subject to Executive's continued service to the Company on the relevant vesting dates.
In the event that Pieris licenses an additional antibody pursuant to the Subsequent Option, any resulting fusion protein products will be subject to the same royalties and development and sales milestones applicable to the fusion proteins linking PD-1 and Anticalins under the initial license.
Each Subsequent Option shall become exercisable at a rate of 20% per year on each anniversary of the effective date of the grant of such Subsequent Option until it is fully vested.
The Company's failure to execute and deliver an Option Grant Agreement shall not affect the Option Holder's right to exercise an Option, including, but not limited to, Options granted pursuant to a Subsequent Option Grant.
The Agreement also provides that in the event Pieris licenses an additional antibody pursuant to the Subsequent Option, any resulting fusion protein products will be subject to additional royalties and development and sales milestones in the same amounts applicable to the fusion proteins linking PD-1 and Anticalins under the initial license.