Document ID: 11926

Text:
(d)Initial Options Award. The Board or any committee of the Board (the Committee) appointed to administer the Companys Equity Incentive Plan, as may be amended from time to time (the Stock Plan) shall award Executive as of the Effective Date, options to purchase shares of the Companys common stock, $0.01 par value per share,, having an exercise price equal to the common stocks fair market value as determined by the Board or Committee as of the Effective Date, which options shall be subject to certain restrictions (the Initial Options Award). Such exercise price shall be no higher than the $ 1.50 per share price established in the most recent fair market evaluation. The Initial Options Award shall vest in four (4) equal amounts, starting with 25% of the Initial Option Award vesting upon the signing of this agreement, and 25% upon each of the first, second and third anniversaries of the Effective Date, provided that Executive is employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option Agreement in the form approved by the Board or Committee. As a condition to receiving the Initial Options Award, Executive shall if requested, execute and deliver a letter in a form approved by the Companys underwriters agreeing not to sell any shares of Company common stock during a customary period following the completion of an initial public offering of the Companys common stock.

Named Entities:
60
63
Price
119
122
Price
151
152
Percentage
229
232
Title

Tokenized Text:
(
d
)
Initial
Options
Award
.
The
Board
or
any
committee
of
the
Board
(
the
Committee
)
appointed
to
administer
the
Companys
Equity
Incentive
Plan
,
as
may
be
amended
from
time
to
time
(
the
Stock
Plan
)
shall
award
Executive
as
of
the
Effective
Date
,
options
to
purchase
shares
of
the
Companys
common
stock
,
$
0
.
01
par
value
per
share
,
,
having
an
exercise
price
equal
to
the
common
stocks
fair
market
value
as
determined
by
the
Board
or
Committee
as
of
the
Effective
Date
,
which
options
shall
be
subject
to
certain
restrictions
(
the
Initial
Options
Award
)
.
Such
exercise
price
shall
be
no
higher
than
the
$
1
.
50
per
share
price
established
in
the
most
recent
fair
market
evaluation
.
The
Initial
Options
Award
shall
vest
in
four
(
4
)
equal
amounts
,
starting
with
25
%
of
the
Initial
Option
Award
vesting
upon
the
signing
of
this
agreement
,
and
25
%
upon
each
of
the
first
,
second
and
third
anniversaries
of
the
Effective
Date
,
provided
that
Executive
is
employed
on
each
vesting
date
.
The
Initial
Options
Award
shall
be
granted
pursuant
to
and
shall
be
subject
to
all
of
the
terms
and
conditions
imposed
upon
such
awards
granted
under
the
Stock
Plan
and
shall
be
evidenced
by
an
Incentive
Stock
Option
Agreement
in
the
form
approved
by
the
Board
or
Committee
.
As
a
condition
to
receiving
the
Initial
Options
Award
,
Executive
shall
if
requested
,
execute
and
deliver
a
letter
in
a
form
approved
by
the
Companys
underwriters
agreeing
not
to
sell
any
shares
of
Company
common
stock
during
a
customary
period
following
the
completion
of
an
initial
public
offering
of
the
Companys
common
stock
.