Common use of Non Qualified Stock Option Grant Clause in Contracts

Non Qualified Stock Option Grant. Subject to the approval of the Company’s Board of Directors, you will be granted an option to purchase 275,000 shares of the Company’s Common Stock on a post-split basis. The exercise price per share will be equal to the closing price of the Company’s common stock on the OTC Bulletin Board on the date of grant. The option will be subject to the terms and conditions applicable to options granted under the Company’s Stock Plan, as described in that Plan and the applicable stock option agreement. The option will be immediately exercisable, but the purchased shares will be subject to repurchase by the Company at the exercise price in the event that your service terminates before you vest in the shares. You will vest in 25% of the option shares after 12 months of service, and the balance will vest in three equal yearly installments over the following three years of service, as described in the applicable stock option agreement.

Non Qualified Stock Option Grant. Subject to the approval of the Company’s 's Board of Directors, you will be granted an option to purchase 275,000 250,000 shares of the Company’s 's Common Stock on a post-split basis. The exercise price per share will be equal to the closing price of the Company’s 's common stock on the OTC Bulletin Board on the date of grant. The option will be subject to the terms and conditions applicable to options granted under the Company’s 's Stock Plan, as described in that Plan and the applicable stock option agreement. The option will be immediately exercisable, but the purchased shares will be subject to repurchase by the Company at the exercise price in the event that your service terminates before you vest in the shares. You will vest in 25% of the option shares after 12 months of service, and the balance will vest in three equal yearly installments over the following three years of service, as described in the applicable stock option agreement.