Common Stock Vesting. All shares of the Company's Common Stock and all options exercisable for shares of the Company's Common Stock (collectively, for purposes of this paragraph only, the "Stock") issued or granted, respectively, after the date of the Closing to employees, directors, consultants and other service providers of the Company (each referred to herein as a "Service Provider") shall be subject to a corresponding right of repurchase in favor of the Company (in the case of any outstanding Common Stock) or shall be cancelable by the Company (in the case of any outstanding options for Common Stock), respectively (for purposes of this paragraph only, either such right shall hereinafter be referred to as the "Company Right"). Unless otherwise approved by the Board of Directors, the Company Right on all such Stock will lapse according to the following vesting schedule: twenty-five percent (25%) of the Stock shall vest, and the Company Right shall lapse accordingly with respect thereto, upon the Service Provider's completion of one (1) year of continuous service to the Company from the date of first issuance or grant of the Stock and the remaining seventy-five percent (75%) of the Stock shall thereafter vest, and the Company Right shall lapse accordingly with respect thereto, in successive equal daily installments upon the Service Provider's completion of each of the next thirty-six (36) months of service to the Company. With respect to any repurchases of outstanding Common Stock by the Company in accordance with the foregoing provisions, the Company shall repurchase such Common Stock at cost.
Common Stock Vesting. Unless otherwise agreed by the Board or the compensation committee of the Board, which shall include the affirmative vote of at least 2 of the Investor Directors, Common Stock (or options to purchase Common Stock) issued to employees of the Company will be subject to four-year vesting, with 25% of such shares vesting after 12 months of continuous service to the Company and the balance vesting on a monthly basis over an additional 36 months. Such shares shall also be subject to a right of first refusal in favor of the Company.
Common Stock Vesting. All Common Stock of the Company (including, without limitation, Common Stock issued or issuable upon the exercise of options for Common Stock) shall vest as follows: after twelve (12) months of continuous employment or service, twenty five percent (25%) will vest, and the remainder will vest in equal monthly installments over the following thirty six (36) months of continuous employment or service thereafter.
Common Stock Vesting. Shares of Common Stock (or options therefor) issued to future employees and service providers of the Company after the date hereof shall, unless otherwise approved by a majority of the Board of Directors (i) vest as follows: no shares shall vest until the completion of the twelve (12) month anniversary of the commencement of employment or service, at which time twenty-five percent (25%) of the Common Stock (or option therefor) shall vest; and the remainder shall vest in equal monthly installments over the following thirty-six (36) months and (ii) include a 180-day lockup period or such longer period, not to exceed eighteen (18) days after the expiration of the 180-day period, as the Company or such underwriter shall request in order to facilitate compliance with FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) in connection with a Qualified Public Offering. Unless otherwise approved by the Board of Directors, with respect to any shares of Common Stock purchased by any such person, the Company’s repurchase option shall provide that upon such person’s termination of employment or service with the Company, with or without cause, the Company or its assignee (to the extent permissible under applicable securities laws and other laws) shall have the option to purchase at cost any unvested shares of stock held by such person.
Common Stock Vesting. Shares of Common Stock (or options therefor) issued to employees and service providers of the Company after the date hereof shall, unless otherwise approved by a majority of the Board, which majority shall include the Directors designated by the Investors (as set forth in the Amended and Restated Voting Agreement of even date herewith, as the same may be amended from time to time), vest as follows: no shares shall vest until the completion of the twelve (12) month anniversary of the commencement of employment or service, at which time twenty-five percent (25%) of the Common Stock (or option therefor) shall vest; and the remainder shall vest in equal monthly installments over the following thirty-six (36) months, subject to the recipient’s continued employment or service. Unless otherwise approved by the Board, with respect to any shares of Common Stock purchased by any such person, the Company shall retain a “right of first refusal” on employee transfers until an Initial Public Offering, and the Company’s repurchase option shall provide that upon such person’s termination of employment or service with the Company, with or without cause, the Company or its assignee (to the extent permissible under applicable securities laws and other laws) shall have the option to purchase any unvested shares of stock held by such person at the lower of cost and fair market value of a share of Common Stock. In addition, the Company has not issued and shall not issue, without the prior consent of the Board, any equity securities (including but not limited to options, warrants or shares of capital stock) to any person or entity unless such person or entity shall have previously executed a market standoff agreement with the Company pursuant to which such person or entity shall have agreed to provisions no less restrictive than those set forth in Section 1.13. Existing agreements regarding vesting and acceleration with employees and service providers of the Company shall not be modified or cancelled without the approval of the Board, including all of the Directors designated by the Investors (as set forth in the Amended and Restated Voting Agreement of even date herewith, as the same may be amended from time to time).
Common Stock Vesting. Any Common Stock or options to purchase Common Stock of the Company issued as of the Closing and thereafter to employees, including the Founder, shall (a) be approved by the Board of Directors, (b) (or unless otherwise expressly approved by the Board of Directors) vest as follows: after twelve (12) months of employment, 25% of such shares or options shall vest, the remainder vesting linearly and monthly over the subsequent thirty-six (36) months, for which vesting shall commence on the commencement date of employment with the Company, (c) provide for the right of the Company to repurchase any non-vested stock at the original purchase price in the event of termination of employment, (d) provide for a right of first refusal in favor of the Company and, subsequently, in favor of the Investors on a pro rata basis with respect to the vested stock to purchase such stock at the bona fide offered price therefor (which right shall terminate upon a registered public offering of the Company), (e) provide for customary restrictions on transfer and (f) require such employee to agree in connection with a public offering by the Company to enter into a lock-up agreement with the underwriters of such offering covering the one hundred eighty (180) day period following the effective date of such offering. The Company's right under any such agreement will be assignable.
Common Stock Vesting. Shares of Common Stock (or options therefor) issued to employees and service providers of the Company shall, unless otherwise approved by the Board, including a majority of the Preferred Directors (as defined in the Restated Certificate), vest as follows: no shares shall vest until the completion of the twelve (12) month anniversary of the commencement of employment or service, at which time twenty-five percent (25%) of the Common Stock (or option therefor) shall vest; and the remainder shall vest in equal monthly installments over the following thirty-six (36) months. Unless otherwise approved by the Board, with respect to any shares of Common Stock purchased by any such person, the Company’s repurchase option shall provide that upon such person’s termination of employment or service with the Company, with or without cause, the Company or its assignee (to the extent permissible under applicable securities laws and other laws) shall have the option to purchase at cost any unvested shares of stock held by such person. There shall be no provision for acceleration of vesting unless unanimously approved by the Board.
Common Stock Vesting. Shares of Common Stock (or options therefor) issued to employees and service providers of the Company shall, unless otherwise approved by the Board of Directors of the Company, vest as follows: no shares of Common Stock (or options therefor) shall vest until the completion of the twelve (12) month anniversary of the commencement of employment or service, at which time twenty-five percent (25%) of the Common Stock (or option therefor) shall vest; and the remainder of the shares of Common Stock (or options therefor) shall vest in equal monthly installments over the following thirty-six (36) months. In addition, the Company shall not issue, without the prior consent of the Board of Directors, any equity securities (including but not limited to options, warrants or shares of capital stock) to any person or entity unless such person or entity shall have previously executed a market standoff agreement with the Company pursuant to which such person or entity shall have agreed to provisions no less restrictive than those set forth in Section 1.12 above.
Common Stock Vesting. All shares of Common Stock (including options therefor) granted to new employees shall after the date hereof (i) vest with respect to 25% of such shares following the first year of service to the Company, and with respect to an additional 1/48th of such shares after each additional month of service to the Company, such that the shares shall be fully vested after four (4) years of service to the Company, (ii) be nontransferable prior to vesting as provided in the preceding subsection (i), (iii) be subject to a right of first refusal in favor of the Company until the Company’s Initial Offering, and (iv) be subject to Section 3.13 hereof. Shares of Common Stock (or options therefor) granted to members of the Board of Directors or advisors to the Company may vest monthly, provided that the vesting terms for such shares shall be approved by the Board of Directors.
