Common use of Annual Stock Option Award Clause in Contracts

Annual Stock Option Award. No later than June 30 of each fiscal year during the Employment Term, the Company shall grant Executive an Annual Stock Option Award to purchase shares of the common stock of IREC (“Annual Stock Options”), subject to the conditions set forth below and in accordance with the schedule set forth on Exhibit C, attached hereto and made a part hereof. Twenty percent (20%) of any Annual Stock Options granted hereunder shall vest on each successive yearly anniversary of the grant of the Annual Stock Options.

Annual Stock Option Award. No later than June 30 of each fiscal year during the Employment Term, the Company shall grant Executive an Annual Stock Option Award to purchase shares of the common stock of IREC the Company (“Annual Stock Options”), subject to the conditions set forth below and in accordance with the schedule set forth on Exhibit C, attached hereto and made a part hereof. Twenty percent (20%) of any Annual Stock Options granted hereunder shall vest on each successive yearly anniversary of the grant of the Annual Stock Options.