Common use of Initial Options Clause in Contracts

Initial Options. (a) concurrently with the split-off of the Company and distribution of its shares to the public and subject to the limitation in (c) below, the Company hereby agrees to grant to the Employee options (the "Initial Options") to purchase 25,000 shares of the Company's common stock (the "Shares") at the price and subject to the following terms and conditions. The Initial Options shall vest as of the split-off date (the "Commencement Date"). (b) The exercise price per Share for the Initial Options shall be $16.00 per share. (c) Regardless of the fact that the Initial Options are deemed to vest in the Executive on the Commencement Date, the Executive may exercise Initial Options only in the percentages and at the times set forth below: 0% prior to the second anniversary of the Commencement Date; 25% at any time after the second anniversary of the Commencement Date; 50% at any time after the third anniversary of the Commencement Date; 75% at any time after the fourth anniversary of the Commencement Date; 100% at any time after the fifth anniversary of the Commencement Date;

Initial Options. (a) concurrently with the split-off of the Company and distribution of its shares to the public and subject to the limitation in (c) below, the Company hereby agrees to grant to the Employee options (the "Initial Options") to purchase 25,000 30,000 shares of the Company's common stock (the "Shares") at the price and subject to the following terms and conditions. The Initial Options shall vest as of the split-off date (the "Commencement Date"). (b) The exercise price per Share for the Initial Options shall be $16.00 per share. (c) Regardless of the fact that the Initial Options are deemed to vest in the Executive on the Commencement Date, the Executive may exercise Initial Options only in the percentages and at the times set forth below: 0% prior to the second anniversary of the Commencement Date; 25% at any time after the second anniversary of the Commencement Date; 50% at any time after the third anniversary of the Commencement Date; 75% at any time after the fourth anniversary of the Commencement Date; 100% at any time after the fifth anniversary of the Commencement Date;; 2

Initial Options. (ai) concurrently with the split-off of the Company and distribution of its shares to the public and subject to the limitation in (ciii) below, the Company hereby agrees to grant to the Employee Executive options (the "Initial Options") to purchase 25,000 75,000 shares of the Company's common stock (the "Shares") at the price and subject to the following terms and conditions. The Initial Options shall vest as of the split-off date (the "Commencement Date"). (bii) The exercise price per Share for the Initial Options shall be $16.00 per share. (ciii) Regardless of the fact that the Initial Options are deemed to vest in the Executive on the Commencement Date, the Executive may exercise Initial Options only in the percentages and at the times set forth below: 0% prior to the second anniversary of the Commencement Date; 25% at any time after the second anniversary of the Commencement Date; 50% at any time after the third anniversary of the Commencement Date; 75% at any time after the fourth anniversary of the Commencement Date; 100% at any time after the fifth anniversary of the Commencement Date;