Exercisable Options

Exercisable Options. As of any date of determination, shall mean those Options (or portions thereof) held by the Executive that are then vested and exercisable.

Exercisable Options. Means, with respect to any Grantee, the product of (i) the number of Options which (A) have vested pursuant to Section 5 hereof, (B) have not been forfeited under Section 7 hereof and (C) are held by such Grantee upon -2- the occurrence of a Liquidity Event and (ii) the quotient of (x) the Aggregate Carry Amount divided by (y) the Maximum Options.