Common use of Stock Incentive Program Clause in Contracts

Stock Incentive Program. In addition to new hire option grants and any other outstanding options that Executive may currently hold, Executive is eligible to participate in the Stock Incentive Program (the “Program”) whereby each year Executive may receive an option for up to that number shares of Company Common Stock (the “Option”), as determined by the board of directors of the Company. The number of shares awarded will be based solely on the Company’s achievement of business and other goals solely determined by the Board prior to the start of each fiscal year. Options earned under this Program will be granted no later than February following the close of the applicable fiscal year. Any Option granted pursuant to this Program will have a purchase price equal to the fair market value on the grant date, and shall be subject to the terms of incentive stock option agreement or a notice of stock option grant, as is appropriate. The Option will vest and become exercisable over a four (4) year vesting period such that 1/48 of the total number of Option shares will vest and become exercisable on each monthly anniversary. Vesting is contingent upon Executive’s continued employment with the Company.

Stock Incentive Program. In addition to new hire option grants and any other outstanding options that Executive may currently hold, Executive is eligible to participate in the 2020 Stock Incentive Program Program, and any employee benefit plan of the Company (the “Program”) whereby each year Executive may receive an option for up to that number 5,000,000 shares of Company Common Stock (the “Option”)) per year. Additionally, as determined by the board of directors of the Company. The number of shares awarded will be based solely on the Company’s achievement of business and other goals solely determined by the Board prior to the start of each fiscal year. Options earned under this Program will be granted no later than February 1 following the close of the applicable fiscal year. Any Option granted pursuant to this Program will have a purchase price equal to the fair market value on the grant date, and shall be subject to the terms of incentive a stock option agreement or a notice of stock option grant, grant the form of which is attached hereto as is appropriate. Exhibit A. The Option will vest and become exercisable over a four (4) year vesting period such that 1/48 of the total number of Option shares will vest and become exercisable on each monthly anniversary. Vesting is contingent upon Executive’s continued employment with the Company.