What this meaning?
Google's employee stock options typically have a ten-year term from the grant date. Under the TSO program, Google's employee stock options, upon transfer, will have a lifespan of the lesser of two years or up to the remaining term under the original grant.

Original link : http://investor.google.com/releases/2006/1212.html

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I understand as below

1. Google employee can buy stock options from other employee through TSO.
outsider who are not google employee can not buy this stock options.

2. At least 2 years later, stock options can be traded, not be trade less than 2 years like 1year or just 6month.

Your sincerely

Question

What this meaning?
Google's employee stock options typically have a ten-year term from the grant date. Under the TSO program, Google's employee stock options, upon transfer, will have a lifespan of the lesser of two years or up to the remaining term under the original grant.

Original link : http://investor.google.com/releases/2006/1212.html

------------------------
I understand as below

1. Google employee can buy stock options from other employee through TSO. 
outsider who are not google employee can not buy this stock options.

2. At least 2 years later, stock options can be traded, not be trade less than 2 years like 1year or just 6month.

Your sincerely

Answer

a stock option is the right to buy stock at a particular price. So the lifespan of the stock option is the period of time in which you are allowed to exercise it, i.e. buy the stock. If the lifespan runs out and you haven't bought the stock, you lose the option. What I think they're saying is if you buy a stock option off a Google employee, the remaining lifespan, if it is over two years, reduces to two years.