Common use of Initial Option Clause in Contracts

Initial Option. At the first meeting of the Board or the Board’s Compensation Committee at which stock options are granted following the Start Date, it will be recommended that Executive be granted a stock option to purchase 1,000,000 shares of Company common stock at an exercise price equal to the fair market value on the date of grant (the “Initial Option”). Subject to the accelerated vesting provisions set forth herein, the Initial Option will vest as to 1/48th of the shares subject to the Initial Option on a monthly basis on the same day of the month as the Start Date (and if there is no corresponding day, the last day of the month), subject to Executive continuing to provide services to the Company through the relevant vesting dates, so that the Initial Option will be fully vested and exercisable four (4) years from the Start Date. The Initial Option will be subject to the terms, definitions and provisions of the Company’s 2005 Stock Plan (the “Option Plan”) and a stock option agreement by and between Executive and the Company (the “Initial Option Agreement”), both of which documents are incorporated herein by reference.

Initial Option. At the first meeting of the Board or the Board’s Compensation Committee at which stock options are granted following the Start Date, it will be recommended that Executive be granted a stock option to purchase 1,000,000 1,300,000 shares of Company common stock at an exercise price equal to the fair market value on the date of grant (the “Initial Option”). Subject to the accelerated vesting provisions set forth herein, the Initial Option will vest as to 1/48th of the shares subject to the Initial Option on a monthly basis on the same day of the month as the Start Date (and if there is no corresponding day, the last day of the month), subject to Executive continuing to provide services to the Company through the relevant vesting dates, so that the Initial Option will be fully vested and exercisable four (4) years from the Start Date. The Initial Option will be subject to the terms, definitions and provisions of the Company’s 2005 Stock Plan (the “Option Plan”) and a stock option agreement by and between Executive and the Company (the “Initial Option Agreement”), both of which documents are incorporated herein by reference.