Common use of Initial Grants Clause in Contracts

Initial Grants. As of the Commencement Date, Employee shall receive a one-time initial equity grant, which will be at a Black-Scholes value of approximately $1,400,000, divided approximately sixty percent (60%) in stock options, and forty percent (40%) in shares of restricted stock, in each case covering Purchaser common stock (which allocation of stock options and restricted stock will be conclusively determined by the Compensation Committee of Purchaser) pursuant to Purchaser’s 2004 Equity Plan (the “2004 Plan”) or any successor equity compensation plan as may be in place from time to time. Such stock options will have a per share exercise price equal to the fair market value of Purchaser common stock as of the date of grant. Subject to Employee’s continued employment with the Employer, the stock options shall vest in four equal annual installments, commencing as of the Commencement Date; and the restricted stock award shall vest in full on the third anniversary of the Commencement Date. Except as otherwise provided in this Agreement, the stock options and restricted stock awards shall be subject to the terms and conditions of the form stock option and restricted stock award agreements approved by the Compensation Committee of Purchaser.