Common use of Initial Option Clause in Contracts

Initial Option. As soon as practicable after the Effective Date, the Compensation Committee of the Board shall approve a grant of stock options to purchase 4,230,000 shares of the Company’s common stock (the “Shares”) (the “Initial Option”). The Initial Option shall be granted in accordance with the Company’s 2022 Incentive Award Plan (the “Plan”) and related stock option documents. The Initial Option shall have an exercise price per share equal to the fair market value on the grant date, as determined by the Board. Subject to Executive’s continued employment with the Company, the Initial Option will vest over a four (4) year period starting on the Effective Date (the “Vesting Commencement Date”), with 25% of the shares vesting on the date that is twelve (12) months after the Vesting Commencement Date and the remainder vesting in thirty-six (36) equal monthly installments over the subsequent three (3) year period.

Initial Option. As soon as practicable after Pursuant to the Effective DatePrior Agreement, on August 15, 2023, the Compensation Committee of the Board shall approve approved a grant of stock options to purchase 4,230,000 shares of the Company’s common stock (the “Shares”) (the “Initial Option”). The Initial Option shall be was granted in accordance with the Company’s 2022 Incentive Award Plan (the “Plan”) and related stock option documents. The Initial Option shall have has an exercise price per share equal to the fair market value on the grant date, as determined by the Board. Subject to Executive’s continued employment with the Company, the Initial Option will vest over a four (4) year period starting on the Effective Date August 14, 2023 (the “Vesting Commencement Date”), with 25% of the shares vesting on the date that is twelve (12) months after the Vesting Commencement Date and the remainder vesting in thirty-six (36) equal monthly installments over the subsequent three (3) year period.is