Eligible Holder

Eligible Holder. Each person who, at the Spin-off Date, holds an option or deferred share granted by Predecessor under a plan or program for Predecessor's non-employee directors with respect to which the Company has agreed to grant, or offer to grant, an Option or Deferred Share award in substitution for such Predecessor award or to offset any lost value due to the early termination of such option or deferred share.

Eligible Holder. Means any party to this Agreement (other than the Company) that then holds Registrable Securities at the time the rights set forth herein are applicable.