Common use of Employee Shares Clause in Contracts

Employee Shares. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of the Company’s capital shares after the date hereof shall be required to execute restricted share or option agreements, as applicable, providing for (a) vesting of shares over a five (5) year period, with the first twenty percent (20%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following forty-eight (48) months, and (b) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on employee transfers until the Qualified IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted shares.

Employee Shares. Unless otherwise approved by the Board of DirectorsBoard, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of the Company’s capital shares Equity Securities after the date hereof shall be required to execute restricted share or option agreements, as applicable, providing for (ai) vesting of shares over a five four (54) year period, with the first twenty twenty-five percent (2025%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly quarterly installments over the following fortythirty-eight six (4836) months, and (bii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of DirectorsBoard, the Company shall retain a “right of first refusal” on employee transfers until the Qualified Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted shares.