Common use of Annual Grant Clause in Contracts

Annual Grant. For any calendar year during the Employment Period, the Board in its discretion may make an award to Executive under the Company’s 2001 Equity Plan or any successor plan thereto. The size and vesting of any such award shall be in the discretion of the Board. Notwithstanding the foregoing, in connection with stock option grants to be provided to the Executive simultaneously with the execution of this Agreement, Executive understands that the Company does not intend to grant him any stock options for the first four years of the Employment Period.

Annual Grant. For any calendar year during the Employment Period, the Board in its discretion may make an award to Executive under the Company’s 2001 Equity Plan or any successor equity incentive plan thereto. The size and vesting of any such award shall be in the discretion of the Board. Notwithstanding the foregoing, in connection with stock the option grants and RSU grants to be provided to the Executive simultaneously with the execution of this Agreement, Executive understands that the Company does not intend to grant him any stock options or RSUs for the first four years of the Employment Period.