Common use of Initial Options Award Clause in Contracts

Initial Options Award. The Board or any committee of the Board (the “Committee”) appointed to administer the Company’s Equity Incentive Plan, as may be amended from time to time (the “Stock Plan”) shall award Executive as of the Effective Date, options to purchase shares of the Company’s common stock, $0.01 par value per share,, having an exercise price equal to the common stock’s fair market value as determined by the Board or Committee as of the Effective Date, which options shall be subject to certain restrictions (the “Initial Options Award”). Such exercise price shall be no higher than the $ 1.50 per share price established in the most recent fair market evaluation. The Initial Options Award shall vest in four (4) equal amounts, starting with 25% of the Initial Option Award vesting upon the signing of this agreement, and 25% upon each of the first, second and third anniversaries of the Effective Date, provided that Executive is employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option Agreement in the form approved by the Board or Committee. As a condition to receiving the Initial Options Award, Executive shall if requested, execute and deliver a letter in a form approved by the Company’s underwriters agreeing not to sell any shares of Company common stock during a customary period following the completion of an initial public offering of the Company’s common stock.

Initial Options Award. The Board or any committee of the Board (the “"Committee”") appointed to administer the Company’s 's Equity Incentive Plan, as may be amended from time to time (the “"Stock Plan”") shall award Executive as of the Effective Date, options to purchase shares of the Company’s 's common stock, $0.01 par value per share,, having an exercise price equal to the common stock’s 's fair market value as determined by the Board or Committee as of the Effective Date, which options shall be subject to certain restrictions (the “"Initial Options Award”"). Such exercise price shall be no higher than the $ 1.50 per share price established in the most recent fair market evaluation. The Initial Options Award shall vest in four (4) equal amounts, starting with 25% of the Initial Option Award vesting upon the signing of this agreement, and 25% upon each of the first, second and third anniversaries of the Effective Date, provided that Executive is employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option Agreement in the form approved by the Board or Committee. As a condition to receiving the Initial Options Award, Executive shall if requested, execute and deliver a letter in a form approved by the Company’s 's underwriters agreeing not to sell any shares of Company common stock during a customary period following the completion of an initial public offering of the Company’s 's common stock.

Initial Options Award. The Board or any committee of the Board (the “Committee”) appointed to administer the Company’s Equity Incentive Plan, as may be amended from time to time (the “Stock Plan”) shall award Executive as of the Effective Date, options to purchase six hundred ninety thousand (690,000) shares of the Company’s common stock, $0.01 par value per share,, having an exercise price equal to the common stock’s fair market value as determined by the Board or Committee as of the Effective Date, which options shall be subject to certain restrictions (the “Initial Options Award”). Such exercise price shall be no higher than the $ 1.50 per share price established in the most recent fair market evaluation. The Initial Options Award shall vest in four (4) equal amounts, starting with 25% of the Initial Option Award vesting upon the signing of this agreement, and 25% upon each of the first, second and third anniversaries of the Effective Date, provided that Executive is employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option Agreement in the form approved by the Board or Committee. As a condition to receiving the Initial Options Award, Executive shall become party to the Stockholders Agreement dated , as amended from time to time, by and among the Company and certain holders of the Company’s securities, and, if requested, Executive shall also execute and deliver a letter in a form approved by the Company’s underwriters agreeing not to sell any shares of Company common stock during a customary period following the completion of an initial public offering of the Company’s common stock...

Initial Options Award. The Board or any committee of the Board (the “"Committee”") appointed to administer the Company’s 's Equity Incentive Plan, as may be amended from time to time (the “"Stock Plan”") shall award Executive as of the Effective Date, options to purchase six hundred ninety thousand (690,000) shares of the Company’s 's common stock, $0.01 par value per share,, having an exercise price equal to the common stock’s 's fair market value as determined by the Board or Committee as of the Effective Date, which options shall be subject to certain restrictions (the “"Initial Options Award”"). Such exercise price shall be no higher than the $ 1.50 per share price established in the most recent fair market evaluation. The Initial Options Award shall vest in four (4) equal amounts, starting with 25% of the Initial Option Award vesting upon the signing of this agreement, and 25% upon each of the first, second and third anniversaries of the Effective Date, provided that Executive is employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option Agreement in the form approved by the Board or Committee. As a condition to receiving the Initial Options Award, Executive shall become party to the Stockholders Agreement dated , as amended from time to time, by and among the Company and certain holders of the Company's securities, and, if requested, Executive shall also execute and deliver a letter in a form approved by the Company’s 's underwriters agreeing not to sell any shares of Company common stock during a customary period following the completion of an initial public offering of the Company’s 's common stock...