Common use of Initial Option Clause in Contracts

Initial Option. On June 14, 2023, Executive was granted stock options to purchase 4,122,091 shares of the Company’s common stock (the “Shares”) (the “Initial Option”). The Initial Option was granted in accordance with the Company’s 2022 Incentive Award Plan (the “Plan”) and related stock option documents. The Initial Option 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-year period starting on the Effective Date (the “Vesting Commencement Date”), with 25% of the shares fully vested 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. On June 14, 2023, Executive was granted stock options to purchase 4,122,091 shares of the Company’s common stock (the “Shares”) (the “Initial Option”). The Initial Option was granted in accordance with the Company’s 2022 Incentive Award Plan (the “Plan”) and related stock option documents. The Initial Option 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-year period starting on the Effective Date July 9, 2023 (the “Vesting Commencement Date”), with 25% of the shares fully vested 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.