Common use of Annual Option Grant Clause in Contracts

Annual Option Grant. The Executive shall be entitled to be awarded an annual stock option under the Plan targeted at 0.37% of the Company’s outstanding shares Common Stock on the date of grant. Such options shall be exercisable for a 10-year period commencing on the date of grant, have an exercise price equal to the closing price of the Common Stock on the date of grant, and shall vest in 48 equal monthly installments over the four-year period following the date of grant. Notwithstanding the foregoing, any options issued under this Section 3(c)(ii) shall be subject to the approval of the Board or the Compensation Committee.

Annual Option Grant. The Executive shall be entitled to be awarded an annual stock option under the Plan targeted at 0.370.89% of the Company’s outstanding shares Common Stock on the date of grant. Such options shall be exercisable for a 10-year period commencing on the date of grant, have an exercise price equal to the closing price of the Common Stock on the date of grant, and shall vest in 48 equal monthly installments over the four-year period following the date of grant. Notwithstanding the foregoing, any options issued under this Section 3(c)(ii) shall be subject to the approval of the Board or the Compensation Committee.