Common use of Employee Option Pool Clause in Contracts

Employee Option Pool. Parent has set aside for grant to the Company's employees a pool of non-qualified stock options to purchase 350,000 shares of Parent Common Stock (the "Incentive Option Pool"), with an exercise price per share equal to the closing price of Parent Common Stock (as reported by the Nasdaq National Market or such other securities exchange or automated quotation service upon which Parent Common Stock may then be listed or quoted for trading) on the trading day immediately preceding the Closing Date. The Company employees to be granted such stock options and the individual share amounts of such stock options are included on Schedule 3.4(a); provided, that each grantee of any such Parent Common Stock options must be an employee of the Company on the grant date. Such stock options shall vest as follows: 25% of such options on the first anniversary of the date of grant, with the remaining shares vesting in equal monthly installments for the next 36 months thereafter. Such stock options shall expire 10 years after the date of grant, and shall otherwise be subject to the terms and conditions of Parent's 2004 Equity Incentive Award Plan and form of Stock Option Agreement, and such other terms and conditions as shall be established by Parent's Board of Directors or the Compensation Committee thereof. Parent and its Board of Directors shall take such actions as are necessary or appropriate to cause such grants to be effected as promptly as practicable after the Closing.

Employee Option Pool. Parent has agrees to set aside for grant to the Company's employees a pool of non-qualified stock options to purchase 350,000 450,000 shares of Parent Common Stock (the "Incentive Option Pool"), with an exercise price per share equal to the closing price of the Parent Common Stock (as reported by the Nasdaq National Market or such other securities exchange or automated quotation service upon which the Parent Common Stock may then be listed or quoted for trading) on the trading day immediately preceding the Closing Date. The Company's Board of Directors shall determine the Company employees to be granted such stock options and the individual share amounts of such stock options are included on Schedule 3.4(a)at least ten (10) days prior to the Closing; provided, that each grantee of any such Parent Common Stock options must be an employee of the Company Parent or the Surviving Corporation on the grant date. Such stock options shall vest as follows: 25% of such options on the first anniversary of the date of grant, with the remaining shares vesting in equal monthly installments for the next 36 months thereafter, provided, that certain executive employees of the Company identified by the Company prior to the Closing shall become parties to the "double-trigger" form of acceleration agreement customarily entered into between Parent and its executive employees. Such stock options shall expire 10 years after the date of grant, and shall otherwise be subject to the terms and conditions of Parent's 2004 Equity Incentive Award Plan and form of Stock Option Agreement, and such other terms and conditions as shall be established by Parent's Board of Directors or the Compensation Committee thereof. Parent and its Board of Directors shall take such actions as are necessary or appropriate to cause such grants to be effected as promptly as practicable after the Closing.