Common use of Option Pool Clause in Contracts

Option Pool. The Company shall establish an option pool of 93,342,669 Ordinary Shares (subject to appropriate adjustment for share splits, share dividends, combinations and the like) reserved for issuances to directors, officers, employees and consultants of the Company pursuant to an equity incentive plan, as amended from time to time, to be approved by the Board of Directors, which shall always include the affirmative votes of both of the Series A Directors and Wu Capital Director . All Ordinary Shares issued after the Closing to employees and other service providers will be subject to vesting as follows (unless different vesting is approved by the Board, which shall always include the affirmative votes of both of the Series A Directors and Wu Capital Director): twenty-five percent (25%) to vest at the end of the first year following such issuance, with the remaining seventy-five percent (75%) to vest annually in thirty-six (36) equal monthly installments over the next three years. If any optionee is permitted to exercise unvested options pursuant to such share incentive plan or the agreement entered into between the Company and such optionee thereunder, the repurchase option shall provide that upon termination of the employment or service of such optionee, with or without cause, the Company or its assignee (to the extent permissible under applicable securities law qualification) retains the option to repurchase at the lesser of cost or fair market value any unvested shares held by such optionee.