Common use of Initial Grants Clause in Contracts

Initial Grants. At the first meeting of the Board following the Effective Date, it will be recommended that Executive be granted 129,500 restricted stock units, 129,500 performance-based restricted stock units and 140,000 stock options (the “Initial Awards”). Each Initial Award will vest as to 1/4th of the shares subject to the award on the one year anniversary of the vesting commencement date and 1/16th of the shares subject to the award on a quarterly basis thereafter, subject to Executive’s continued service through each vesting date. The Initial Award of performance-based restricted stock units also will be subject to vesting based on achievement of Company performance objectives to be determined by the Company. The Initial Awards will be subject to the terms, definitions and provisions of the Company’s 2020 Equity Incentive Plan (the “Equity Plan”) and form of award agreement thereunder. 0000 Xxxxxxxxx Xxxxxxx, Xxx 000, Xxx Xxxxx, XX 00000, Xxxxxx Xxxxxx Tel: 000.000.0000 xxx.xxxxxxxxxxxx.xxx

Initial Grants. At the first meeting of the Board following the Effective Date, it will be recommended that Executive be granted 129,500 1,333,000 restricted stock units, 129,500 1,333,000 performance-based restricted stock units and 140,000 stock options (the “Initial Awards”). Each Initial Award will vest as to 1/4th of the shares subject to the award on the one year anniversary of the vesting commencement date and 1/16th of the shares subject to the award on a quarterly basis thereafter, subject to Executive’s continued service through each vesting date. The Initial Award of performance-based restricted stock units also will be subject to vesting based on achievement of Company performance objectives to be determined by the Company. The Initial Awards will be subject to the terms, definitions and provisions of the Company’s 2020 Equity Incentive Plan (the “Equity Plan”) and form of award agreement thereunder. 0000 Xxxxxxxxx Xxxxxxx, Xxx 000, Xxx Xxxxx, XX 00000, Xxxxxx Xxxxxx Tel: 000.000.0000 xxx.xxxxxxxxxxxx.xxx