Time Vesting Condition. The “Time Vesting Condition” shall be satisfied with respect to twenty-five percent (25%) of the Shares in each Tranche on the first anniversary of the date of grant. On each subsequent anniversary of the date of grant, the Time Vesting Condition shall be satisfied with respect to an additional 25% of the Shares in each Tranche, until the Time Vesting Condition has become satisfied with respect to 100% of the Shares in each Tranche.
Appears in 2 contracts
Sources: Performance Stock Option Agreement (Cpi International, Inc.), Performance Stock Option Agreement (Cpi International, Inc.)