Common use of Second Option Clause in Contracts

Second Option. Following the Closing Date, and subject to the approval of the Board, the Committee or the Delegate, as applicable, the Company shall grant Executive a stock option with a grant date fair value of $2,800,000 (the “Second Option”). The Second Option shall be granted as soon as reasonably practicable after the Closing Date. The exercise price per share will be equal to the fair market value per share on the date the Second Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. Executive should consult with Executive’s own tax advisor concerning the tax risks associated with accepting an option to purchase a share of the Company’s common stock. The term of the Second Option shall be ten (10) years, subject to earlier expiration in the event of the termination of Executive’s services to the Company. Subject to any vesting acceleration rights Executive may have, the Second Option will vest on a monthly basis over a 4-year period, subject to Executive continuing to provide services to the Company through each vesting date. The Second Option will be subject to the terms, definitions and provisions of the Company’s then-current equity incentive plan (the “Equity Plan”) and the stock option agreement by and between Executive and the Company evidencing the grant of the Second Option, which Executive will be required to sign, both of which documents are incorporated herein by reference.

Second Option. Following the Closing Date, and subject to the approval of the Board, the Committee or the Delegate, as applicable, the Company shall grant Executive a stock option with a grant date fair value of $2,800,000 4,000,000 (the “Second Option”). The Second Option shall be granted as soon as reasonably practicable after the Closing Date. The exercise price per share will be equal to the fair market value per share on the date the Second Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. Executive should consult with Executive’s own tax advisor concerning the tax risks associated with accepting an option to purchase a share of the Company’s common stock. The term of the Second Option shall be ten (10) years, subject to earlier expiration in the event of the termination of Executive’s services to the Company. Subject to any vesting acceleration rights Executive may have, the Second Option will vest on a monthly basis over a 4-year period, subject to Executive continuing to provide services to the Company through each vesting date. The Second Option will be subject to the terms, definitions and provisions of the Company’s then-current equity incentive plan (the “Equity Plan”) and the stock option agreement by and between Executive and the Company evidencing the grant of the Second Option, which Executive will be required to sign, both of which documents are incorporated herein by reference.

Second Option. Following the Closing Date, and subject to the approval of the Board, the Committee or the Delegate, as applicable, the Company shall grant Executive a stock option with a grant date fair value of $2,800,000 3,000,000 (the “Second Option”). The Second Option shall be granted as soon as reasonably practicable after the Closing Date. The exercise price per share will be equal to the fair market value per share on the date the Second Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. Executive should consult with Executive’s own tax advisor concerning the tax risks associated with accepting an option to purchase a share of the Company’s common stock. The term of the Second Option shall be ten (10) years, subject to earlier expiration in the event of the termination of Executive’s services to the Company. Subject to any vesting acceleration rights Executive may have, the Second Option will vest on a monthly basis over a 4-year period, subject to Executive continuing to provide services to the Company through each vesting date. The Second Option will be subject to the terms, definitions and provisions of the Company’s then-current equity incentive plan (the “Equity Plan”) and the stock option agreement by and between Executive and the Company evidencing the grant of the Second Option, which Executive will be required to sign, both of which documents are incorporated herein by reference.