Common use of Size of Grant Clause in Contracts

Size of Grant. Effective on the fifth trading day following the Closing, (the “Grant Date”), the Company will grant to you a non-qualified stock option to purchase shares of the Company’s common stock (“Common Stock”) representing 1.0% of the total number of shares of Common Stock outstanding immediately after the Closing at a price equal to the closing price per share on the Grant Date, as reported in the Eastern Edition of The Wall Street Journal. Notwithstanding the foregoing, if, immediately after the Closing, the Company has issued and outstanding equity securities other than Common Stock, the Company will grant to you a non-qualified stock option to purchase shares of Common Stock representing 1.0% of the Fair Market Value of the Company’s equity securities outstanding immediately after the Closing. For purposes of this Letter Agreement, “Fair Market Value,” when used with respect to the value of a security on a specified date, shall mean the closing price per security on such date, or on the last trading day preceding such date if such date is not a trading day, as reported in the Eastern Edition of The Wall Street Journal, and to the extent such price is not so reported for such date, shall mean fair market value as of such date, as determined by the Board, or the Committee, in its reasonable discretion.