Tranche B Options definition
Examples of Tranche B Options in a sentence
Any Tranche B Options and Tranche C Options that have not vested prior to, or become vested at the time that, the Investor Investment has been fully disposed of by all Investors shall be cancelled for no consideration.
Except to the extent Section 2(d) below shall apply, any Tranche B Options and Tranche C Options that have not vested prior to, or become vested at the time of, a Change in Control shall continue to be subject to vesting in accordance with the terms of this Agreement.
The price (the “Option Price”) at which the Optionee shall be entitled to purchase the Tranche A Options, the Tranche B Options, and the Tranche C Options, respectively, upon exercise, shall be the price per Share set forth on the signature page hereto (subject to adjustment as provided in Section 12 of the Plan).
All of the Tranche B Options shall become Vested Options on the eighth anniversary of the Grant Date; provided, however, that in the event the Investor IRR equals or exceeds 20% prior to the eighth anniversary, the Tranche B Options will vest as of the date that such Investor IRR is realized.
In the event of a Termination of Relationship as a result of the Optionee’s death or Disability, the Tranche A Options and Tranche B Options, in each case, composing the next applicable tranche of such Options which have not theretofore vested pursuant to Sections 4(a) and 4(b) above shall become Vested Options, and the remaining Options which are not Vested Options shall be forfeited.
In determining whether a portion of the Option shall be considered a Non-Qualified Option, Tranche B Options held by the Optionee shall be considered Incentive Options to the fullest extent permitted by Section 422 of the Code prior to considering whether Tranche A Options held by the Optionee are Incentive Options.
All of the Tranche B Options shall become Vested Options upon the Optionee’s continued employment with the Company or its Subsidiaries through the first date that the Investor achieves an Investor IRR (as determined on a quarterly compounded basis) equal to or in excess of 20%, subject to a minimum cash-on-cash return of 2.5 times the Investor Investment (the “Tranche B Targets”).
Payment in respect of the Tranche A Options and Tranche B Options shall occur on the second Business Day following the respective Option Expiration Date.
Except to the extent Section 2(d) below shall apply, any Tranche B Options that have not vested prior to, or become vested at the time of, a Change in Control shall continue to be subject to vesting in accordance with the terms of this Agreement.
The Tranche B Options are exercisable by written notice to East and West on or prior to the fifteenth (15th) calendar day following the Tranche A Option Expiration Date (the "Tranche B Option Expiration Date" and together with the Tranche A Option Expiration Date, the "Option Expiration Date").