Common use of Equity Incentive Programs Clause in Contracts

Equity Incentive Programs. The Company agrees that, on or promptly after the date of this Agreement, the Employee shall be granted stock options exercisable for the purchase of 934,096 shares of the Company’s Common Stock under the Company’s 2005 Stock Option and Incentive Plan (the “Plan”) at an exercise price equal to the fair market value per share of the Company’s Common Stock, as determined by the Board and estimated to be $0.16 per share, of which 25% shall vest on the first anniversary of the effective date of the Employee’s employment by the Company and the remaining 75% shall vest in 36 consecutive monthly installments beginning one month after the first anniversary of the effective date of the Employee’s employment by the Company. Such stock options shall become fully vested upon the occurrence of a Change in Control of the Company (as defined in the Plan). The Employee shall also be eligible to participate in equity incentive programs established by the Company from time to time to provide stock options and other equity-based incentives to key employees of the Company in accordance with the terms of those programs.