Common use of Employee Vesting Clause in Contracts

Employee Vesting. Unless otherwise approved by the Board of Directors and except for any vesting provision applicable to any agreement with Xxx Xxxxxxx, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) 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 thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Section 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 Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. The vesting provision applicable to any future stock option grant or restricted stock agreement with Xxx Xxxxxxx will be subject to approval by the Board of Directors.

Employee Vesting. Unless otherwise approved by the Board of Directors and except for any vesting provision applicable to any agreement with Xxx XxxxxxxDirectors, including a majority of the Preferred Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof Closing shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares shares, not faster than, over a four (4) year period, with the first twenty-five percent (25%) 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 thirty-six three (363) monthsyears, and (ii) a market stand-off provision substantially similar to that in Section 2.11. In addition, unless otherwise approved by the Board of Directors (including a majority of the Preferred Directors), the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. The vesting provision applicable to any future stock option grant or restricted stock agreement with Xxx Xxxxxxx will be subject to approval by the Board of Directors.