Common use of Initial Stock Option Grant Clause in Contracts

Initial Stock Option Grant. Effective as of the Effective Date, the Company shall grant Executive stock options under the Company’s equity incentive plans (the “Initial Stock Options”) valued at $115,000 using a Black Scholes valuation based on the closing price of Company’s common stock on the Effective Date with methodology determined by the Committee in its sole discretion. Such initial grant of stock options shall vest ratably over a four-year period, 25% on each anniversary of the date of grant, provided Executive is employed on such dates by the Company. All such stock options shall be subject to the terms and conditions set forth in the applicable plan and applicable award agreement attached as Exhibit A hereto.

Initial Stock Option Grant. Effective as of the Effective Date, the Company shall grant Executive stock options under the Company’s equity incentive plans (the “Initial Stock Options”) valued at $115,000 107,500 using a Black Scholes valuation based on the closing price of Company’s common stock on the Effective Date with methodology determined by the Committee in its sole discretion. Such initial grant of stock options shall vest ratably over a four-year period, 25% on each anniversary of the date of grant, provided Executive is employed on such dates by the Company. All such stock options shall be subject to the terms and conditions set forth in the applicable plan and applicable award agreement attached as Exhibit A hereto.

Initial Stock Option Grant. Effective as of the Effective Date, the Company shall grant Executive stock options under the Company’s equity incentive plans (the “Initial Stock Options”) valued at $115,000 630,000 using a Black Scholes valuation based on the closing price of Company’s common stock on the Effective Date with methodology determined by the Committee in its sole discretion. Such initial grant of stock options shall vest ratably over a four-year period, 25% on each anniversary of the date of grant, provided Executive is employed on such dates by the Company. All such stock options shall be subject to the terms and conditions set forth in the applicable plan and applicable award agreement attached as Exhibit A hereto.

Initial Stock Option Grant. Effective as of the Effective Date, the Company shall grant Executive stock options under the Company’s equity incentive plans (the “Initial Stock Options”) valued at $115,000 183,750 using a Black Scholes valuation based on the closing price of Company’s common stock on the Effective Date with methodology determined by the Committee in its sole discretion. Such initial grant of stock options shall vest ratably over a four-year period, 25% on each anniversary of the date of grant, provided Executive is employed on such dates by the Company. All such stock options shall be subject to the terms and conditions set forth in the applicable plan and applicable award agreement attached as Exhibit A hereto.

Initial Stock Option Grant. Effective as of the Effective Date, the Company shall grant Executive stock options under the Company’s equity incentive plans (the “Initial Stock Options”) valued at $115,000 1,003,125 using a Black Scholes valuation based on the closing price of Company’s common stock on the Effective Date with methodology determined by the Committee in its sole discretion. Such initial grant of stock options shall vest ratably over a four-year period, 25% on each anniversary of the date of grant, provided Executive is employed on such dates by the Company. All such stock options shall be subject to the terms and conditions set forth in the applicable plan and applicable award agreement attached as Exhibit A hereto.