Common use of New Option Grants Clause in Contracts

New Option Grants. The Investors and the Current Stockholders shall vote the Investor Shares and Current Stockholder Shares at regular or special meetings of stockholders, and shall give written consent with respect to such Shares, to ratify and approve an option exchange offer as soon as practicable after the First Closing under the Purchase Agreement, pursuant to which each employee of the Company shall have an opportunity to surrender his or her outstanding options having an exercise price in excess of $3.00 per share for cancellation in exchange for a grant of new options on a date at least six months and one day after such cancellation, with the exercise price of the new options established as the fair market value of the Common Stock on the date of grant.