Common use of Initial Stock Option Clause in Contracts

Initial Stock Option. At the first meeting of the Compensation Committee following the Start Date, the Company will recommend that Executive be granted a stock option to purchase shares of the Company’s common stock having an aggregate grant date fair value of approximately $875,000 (the “Initial Option”). The Initial Option shall have an exercise price no less than 100% of the per share fair market value of the Company’s common stock on the date of grant. The Company will recommend that, subject to the accelerated vesting provisions set forth herein, the shares subject to the Initial Option be scheduled to vest in forty-eight (48) approximately equal monthly installments, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the one (1)-month anniversary of Executive’s ninety-first (91st) day of employment with the Company. The Initial Option will be subject to the terms, definitions and provisions of the Company’s 2014 Equity Incentive Plan and a stock option agreement by and between Executive and the Company, which will control the Initial Option grant, and both of which documents are incorporated herein by reference.

Initial Stock Option. At the first meeting of the Compensation Committee following the Start Date, the Company will recommend that Executive be granted a stock option to purchase shares of the Company’s common stock having an aggregate grant date fair value of approximately $875,000 600,000 (the “Initial Option”). The Initial Option shall have an exercise price no less than 100% of the per share fair market value of the Company’s common stock on the date of grant. The Company will recommend that, subject to the accelerated vesting provisions set forth herein, the shares subject to the Initial Option be scheduled to vest in forty-eight (48) approximately equal monthly installments, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the one (1)-month anniversary of Executive’s ninety-first (91st) day of employment with the Company. The Initial Option will be subject to the terms, definitions and provisions of the Company’s 2014 Equity Incentive Plan and a stock option agreement by and between Executive and the Company, which will control the Initial Option grant, and both of which documents are incorporated herein by reference.