Common use of Equity Options Clause in Contracts

Equity Options. Upon the commencement of my employment under this Agreement, I will be granted an option (“Option”) to purchase 9,200 Class A Units, as such term is defined in the Company’s Operating Agreement, at $9.50 per Class A Unit; I shall become vested in the right to exercise this Option with respect to 40% of the Class A Units on the first anniversary of the Option grant and an additional 20% of the Class A Units on each subsequent anniversary of the Option grant for the next three years of employment; provided, that additional vesting shall terminate upon the date of any termination of my employment under this Agreement for Cause or with Good Reason and all vesting shall be accelerated upon any termination of my employment under this Agreement without Cause, without Good Reason or upon Death or Disability. The Option shall expire on the tenth anniversary of the Option grant date. The Option shall be subject to all additional terms of the option agreement between me and the Company evidencing the Option, if any. I shall also be eligible to receive such additional option or Unit awards as may be approved by the Board from time to time.

Equity Options. Upon the commencement of my employment under this Agreement, I will be granted an option (“Option”) to purchase 9,200 20,000 Class A Units, as such term is defined in the Company’s Operating Agreement, at $9.50 per Class A Unit; I shall become vested in the right to exercise this Option with respect to 40% of the Class A Units on the first anniversary of the Option grant and an additional 20% of the Class A Units on each subsequent anniversary of the Option grant for the next three years of employment; provided, that additional vesting shall terminate upon the date of any termination of my employment under this Agreement for Cause or with Good Reason and all vesting shall be accelerated upon any termination of my employment under this Agreement without Cause, without Good Reason or upon my Death or DisabilityDisability (each as defined below). The Option shall expire on the tenth anniversary of the Option grant date. The Option shall be subject to all additional terms of the option agreement between me and the Company evidencing the Option, if any. I shall also be eligible to receive such additional option or Unit awards as may be approved by the Board from time to time.