That can be exercised on dates less-frequently than quarterly (usually annually), a set time period (usually one year) after the issue date, and before the expiry date.
"The investor decided to exercise the verde option early since the stock price had risen significantly above the strike price within the allowed annual window."
In plain English: Verde is green, which describes the color of grass and leaves.
"The trees were turning green after the spring rains."
A surname.
"The famous soccer player is known by his family name, Verde."
The word verde comes from Portuguese, where it originally meant green but was applied to the islands of Cape Verde due to their location near Africa rather than Europe. It entered English as an adjective describing the color green.