Common use of Initial Options Clause in Contracts

Initial Options. Upon the date of this Agreement, the Company shall grant to Executive stock options to purchase 50,000 shares of Company common stock at an exercise price equal to $10 per share (the "Initial Options"). Subject to Executive's continued employment with the Company, such Initial Options will vest in equal installments on each of the first three anniversaries of the date of grant, and will become fully vested upon the occurrence of a Change in Control (as defined in the Company's 2002 Equity Incentive Plan (the "Plan")). Other terms and conditions of the Initial Options shall be as set forth herein, in the Plan and an option agreement between the Company and Executive.

Initial Options. Upon the date of this Agreement, the Company shall grant to Executive stock options to purchase 50,000 100,000 shares of Company common stock at an exercise price equal to $10 per share (the "Initial Options"). Subject to Executive's continued employment with the Company, such Initial Options will vest in equal installments on each of the first three anniversaries of the date of grant, and will become fully vested upon the occurrence of a Change in Control (as defined in the Company's 2002 Equity Incentive Plan (the "Plan")). Other terms and conditions of the Initial Options shall be as set forth herein, in the Plan and an option agreement between the Company and Executive.