Common use of New Stock Option Clause in Contracts

New Stock Option. Promptly following the Effective Date, Executive shall be granted an option (the “Option”) to purchase 39,900 shares of Group common stock for an exercise price per share equal to the per share fair market value of Group’s common stock on the date of grant, as determined by Group’s board of directors. The Option shall vest and become exercisable with respect to one-fourth (1/4) of the shares initially subject to the Option on each of the first four anniversaries of the Effective Date, subject to Executive’s continued service to the Company through the applicable vesting date. The Option shall otherwise be subject to the terms of the equity incentive plan pursuant to which it is granted and Group’s standard option agreement to be entered into between Executive and Group.