Document ID: 11486

Text:
(ii) Initial Stock Option Grant. The Company will grant Executive an option to purchase 1,500,000 shares of the Companys common stock (the Initial Option). The exercise price of the Initial Option will be $0.55 . The Initial Option will expire on the tenth anniversary of the grant date. The Initial Option will vest in three (3) equal annual installments on the first three anniversaries of the Start Date, provided that Executive remains employed by the Company on each such date. The Initial Option will be subject to the terms of the Plan and a related option grant agreement to be entered between Executive and the Company. The parties intend that the vesting schedule of the Initial Option shall be no less favorable than any option grant to the Companys Chief Executive Officer made during the term of this Agreement, and as such, the vesting schedule of the Initial Option will be automatically adjusted when and as necessary to implement such intent.

Named Entities:
17
21
Shares
43
46
Price
55
56
TerminationDate
148
150
Role

Tokenized Text:
(
ii
)
Initial
Stock
Option
Grant
.
The
Company
will
grant
Executive
an
option
to
purchase
1
,
500
,
000
shares
of
the
Companys
common
stock
(
the
Initial
Option
)
.
The
exercise
price
of
the
Initial
Option
will
be
$
0
.
55
.
The
Initial
Option
will
expire
on
the
tenth
anniversary
of
the
grant
date
.
The
Initial
Option
will
vest
in
three
(
3
)
equal
annual
installments
on
the
first
three
anniversaries
of
the
Start
Date
,
provided
that
Executive
remains
employed
by
the
Company
on
each
such
date
.
The
Initial
Option
will
be
subject
to
the
terms
of
the
Plan
and
a
related
option
grant
agreement
to
be
entered
between
Executive
and
the
Company
.
The
parties
intend
that
the
vesting
schedule
of
the
Initial
Option
shall
be
no
less
favorable
than
any
option
grant
to
the
Companys
Chief
Executive
Officer
made
during
the
term
of
this
Agreement
,
and
as
such
,
the
vesting
schedule
of
the
Initial
Option
will
be
automatically
adjusted
when
and
as
necessary
to
implement
such
intent
.