Tranche 2. The Tranche 2 Options will become eligible to vest (subject to achieving a 0.5x Return to Investor) with respect to 25% of the Tranche 2 Options on each of the first, second, third and fourth anniversaries of the Grant Date. Tranche 2 Options that are eligible to vest shall only vest and become exercisable upon the achievement of a 0.5x Return to Investor. Subject to the other terms and provisions of this Agreement and the Plan, Tranche 2 Options not eligible to vest on the date a 0.5x Return to Investor is achieved, shall thereafter vest and become exercisable when they become eligible to vest.
Appears in 3 contracts
Sources: Non Qualified Stock Option Agreement (CC Media Holdings Inc), Non Qualified Stock Option Agreement (CC Media Holdings Inc), Non Qualified Stock Option Agreement (CC Media Holdings Inc)