Common use of Initial Equity Grant; Annual Equity Grant Clause in Contracts

Initial Equity Grant; Annual Equity Grant. The Executive shall receive a sign-on equity award (the “Initial Grant”) with a grant date fair value of $150,000, 50% of which will be granted in the form of stock options (such options, the “Options”) and 50% in the form of restricted stock units; provided that such award will be subject to forfeiture in the event the Executive does not commence employment with the Employer on the Effective Date for any reason whatsoever. The Options will have a per share exercise price equal to the fair market value of a share of common stock on the date of grant. Following the Initial Grant, the Executive will be eligible to receive annual grants of equity-based awards on the same basis and terms and conditions as other senior executives. It is anticipated that any such awards will be comprised of 50% options and 50% restricted stock units. The Executive’s entitlement to any equity grants remains subject to approval by the Compensation Committee of the Board, in its sole discretion. All equity grants will vest ratably over the four year period commencing with the date of grant.

Initial Equity Grant; Annual Equity Grant. The Executive shall receive a sign-on equity award (the “Initial Grant”) with a grant date fair value of $150,000240,000, 50% of which will be granted in the form of stock options (such options, the “Options”) and 50% in the form of restricted stock units; provided that such award will be subject to forfeiture in the event the Executive does not commence employment with the Employer on the Effective Date for any reason whatsoever. The Options will have a per share exercise price equal to the fair market value of a share of common stock on the date of grant. Following the Initial Grant, the Executive will be eligible to receive annual grants of equity-based awards on the same basis and terms and conditions as other senior executives. It is anticipated that any such awards will be comprised of 50% options and 50% restricted stock units. The Executive’s entitlement to any equity grants remains subject to approval by the Compensation Committee of the Board, in its sole discretion. All equity grants will vest ratably over the four year period period, at 25% each year, commencing with the date of grant.

Initial Equity Grant; Annual Equity Grant. The Executive shall receive a sign-on equity award (the “Initial Grant”) with a grant date fair value of $150,000240,000, 50% of which will be granted in the form of stock options (such options, the “Options”) and 50% in the form of restricted stock units; provided that such award will be subject to forfeiture in the event the Executive does not commence employment with the Employer on the Effective Date for any reason whatsoever. The Options will have a per share exercise price equal to the fair market value of a share of common stock on the date of grant. Following the Initial Grant, the Executive will be eligible to receive annual grants of equity-based awards on the same basis and terms and conditions as other senior executives. It is anticipated that any such awards will be comprised of 50% options and 50% restricted stock units. The Executive’s entitlement to any equity grants remains subject to approval by the Compensation Committee of the Board, in its sole discretion. All equity grants will vest ratably over the four year period commencing with the date of grant.