Model

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MODEL. A machine made on a small scale to show the manner in which it is to be worked or employed.
     2. The Act of Congress of July 4, 1836, section 6, requires an inventor who is desirous to take out a patent for his invention, to furnish a model of his invention, in all cases which admit of representation by model, of a convenient size to exhibit advantageously its several parts.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
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2) The holder's inability to exercise or transfer the ESOs during the vesting period is modelled as the loss of the value of a put option, and the value of this put option is calculated and subtracted from the value of the (unrestricted) ESO.