Common use of SPECIAL STOCK OPTION AWARD Clause in Contracts

SPECIAL STOCK OPTION AWARD. Effective on the date of the Spin-Off or, if it occurs first, the IPO (the "Effective Date"), you will receive an option to purchase shares of Xxxxxx stock with an economic value at the time of grant of $175,000 using a generally accepted valuation methodology. This option will be issued under a new option and equity compensation plan (the "Xxxxxx Stock Incentive Plan") that will be adopted by Xxxxxx'x Board of Directors. Your option will vest in equal installments over a period of four years provided that you remain employed with Xxxxxx during that time, or as provided otherwise under the Xxxxxx Stock Incentive Plan. The exercise price will equal the fair market value of Xxxxxx stock at the time the option is granted.

SPECIAL STOCK OPTION AWARD. Effective on the date of the Spin-Off or, if it occurs first, the IPO IPO, (the "Effective Date"), you will receive an option to purchase shares of Xxxxxx stock with an economic value at the time of grant of $175,000 875,000 using a generally accepted valuation methodology. This option will be issued under a new option and equity compensation plan (the "Xxxxxx Stock Incentive Plan") that will be adopted by Xxxxxx'x Board of Directors. Your option will vest in equal installments over a period of four years provided that you remain employed with Xxxxxx during that time, or as provided otherwise under the Xxxxxx Stock Incentive Plan. The exercise price will equal the fair market value of Xxxxxx stock at the time the option is granted.