Common use of Further Grants Clause in Contracts

Further Grants. On or around the commencement of the second year of the Initial Employment Term and the commencement of each Extended Employment Term but in any event prior to 31 December in the relevant year, Executive will be granted an additional stock option to purchase 50,000 shares of the Company's Common Stock under the Company's then existing stock option plan with a per share exercise price equal to 100% of the fair market value of the Company's Common Stock on the date of grant and on such other terms that are described in subparagraph (i) of this paragraph 3 including the provisions for vesting.