Additional RSU Award; Refresh Awards Clause Samples

Additional RSU Award; Refresh Awards. (i) At the first quarterly meeting of the Board in 2024, subject to Executive’s continued employment with the Company through the grant date, the Company will recommend to the Compensation Committee and the Board that Executive be granted an award of RSUs, with the number of RSUs calculated by dividing $225,000 by the Initial Share Price (defined below), pursuant to the terms of the Equity Plan and an individual RSU award agreement (the “2024 RSU Award”). “Initial Share Price” means the volume-weighted average price of a share of Parent’s common stock over the ten (10) trading days ending with the trading day immediately preceding the grant date of the 2024 RSU Award (“10-day VWAP”), provided that (i) if the 10-day VWAP is less than $2.20, then the Initial Share Price for purposes of calculating the number of RSUs shall be $2.20 and the number of RSUs granted for this award shall be 102,273, and (ii) if the 10-day VWAP is greater than $4.50, then the Initial Share Price for purposes of calculating the number of RSUs shall be $4.50 and the number of RSUs granted for this award shall be 50,000. Provided that Executive remains employed with the Company through the applicable vesting date, the 2024 RSU Award will vest as to one-third of the total underlying RSUs on the following dates: (1) March 10, 2025; (2) March 9, 2026; and (3) March 15, 2027.