Common use of Initial Grant Clause in Contracts

Initial Grant. Upon commencement of the Term, the Executive will be granted (the “Initial Grant”) stock options (which shall be incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) to the extent permitted by applicable tax rules) to purchase 7,411 shares of common stock of the Company. The exercise price shall be equal to $203.83 per share, the fair market value per share of the Company’s common stock as of the date of the Initial Grant. The Initial Grant shall be made pursuant to the terms of the form of option agreement attached as an Exhibit hereto.

Initial Grant. Upon commencement of the Term, the Executive will be granted (the “Initial Grant”) stock options (which shall be incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) ), to the extent permitted by applicable tax rules) to purchase 7,411 5,490 shares of common stock of the Company, which represents 1.5% of the shares of the Company on a fully diluted basis as of the Closing Date. The exercise price shall be equal determined by reference to $203.83 per share, the fair market value per share amount paid in respect of the Company’s common stock as of the date of Company pursuant to the Initial GrantPurchase Agreement. The Initial Grant shall be made pursuant to the terms of the form of option agreement attached hereto as an Exhibit hereto.A.