Common use of Inducement Grant Clause in Contracts

Inducement Grant. As an inducement for entering into the Agreement, Executive shall be granted a stock option to purchase 200,000 shares of Common Stock at an exercise price of $1.65 per share (the “Inducement Option”). The Inducement Option shall be governed by the Plan. . The Inducement Option shall be 100% vested on the grant date and have a term of 7 years. The vested Performance Options shall remain exercisable for: (i) the remaining term of the option if Executive is no longer employed by the Company as a result of terminated without Cause or with Good Reason. In the event Executive is no longer employed for any other reason such as death or disability, the terms of the Plan shall govern. In connection with such grant, the Executive shall enter into the Company’s standard stock option agreement which will incorporate the terms described in this paragraph.

Inducement Grant. As an inducement for entering into the Agreement, Executive shall be granted a stock option to purchase 200,000 150,000 shares of Common Stock at an exercise price of $1.65 1.50 per share (the “Inducement Option”). The Inducement Option shall be governed by the Plan. . The Inducement Option shall be 100% vested on the grant date and have a term of 7 years. The vested Performance Options shall remain exercisable for: (i) the remaining term of the option if Executive is no longer employed by the Company as a result of terminated without Cause or with Good Reason. In the event Executive is no longer employed for any other reason such as death or disability, the terms of the Plan shall govern. In connection with such grant, the Executive shall enter into the Company’s standard stock option agreement which will incorporate the terms described in this paragraph.