Common use of Restricted Stock Option Clause in Contracts

Restricted Stock Option. 5. (a) As additional compensation, Employer agrees to provide Employee with the option to purchase 50,000 shares of common stock for a total cost of $10.00. This restricted stock option shall vest six months after the execution of this employment agreement. However, the Employee may only purchase fifty (50) percent of the restricted stock option at the end of his first year of employment (i.e., 25,000 shares). Employee shall have fifteen (15) business days after the end of his first year of employment to exercise this restricted stock option. The Employee may purchase the remaining fifty (50) percent of the restricted stock option at the end of his second year of employment. Employee shall have fifteen (15) business days after the end of his second year of employment to exercise this restricted stock option.