Common use of Initial Restricted Stock Unit Grant Clause in Contracts

Initial Restricted Stock Unit Grant. On the first trading day following the Employment Commencement Date, the Company shall grant Executive restricted stock units under the Company’s equity incentive plans (the “Initial RSUs”). The number of Initial RSUs shall be equal to $700,000, divided by the Fair Market Value (as defined in the applicable equity incentive plan) of a share of the Company’s common stock as of the grant date (rounded down to the nearest whole share). Such initial grant of restricted stock units shall vest ratably over a three-year period, at a rate of one-third of the total Initial RSUs on each anniversary of the grant date, provided Executive is employed on such dates by the Company, or upon an earlier termination of Executive’s employment due to death, Disability, termination by the Company without Cause or by Executive for Good Reason. All such restricted stock units shall be subject to the terms and conditions of the applicable plan and applicable award agreement.

Initial Restricted Stock Unit Grant. On the first trading day following the Employment Commencement Date, the Company shall grant Executive restricted stock units under the Company’s equity incentive plans (the “Initial RSUs”). The number of Initial RSUs shall be equal to $700,0001,200,000, divided by the Fair Market Value (as defined in the applicable equity incentive plan) of a share of the Company’s common stock as of the grant date (rounded down to the nearest whole share). Such initial grant of restricted stock units shall vest ratably over a three-year period, at a rate of one-third of the total Initial RSUs on each anniversary of the grant date, provided Executive is employed on such dates by the Company, or upon an earlier termination of Executive’s employment due to death, Disability, termination by the Company without Cause or by Executive for Good Reason. All such restricted stock units shall be subject to the terms and conditions of the applicable plan and applicable award agreement.