Common use of Stock Incentive Program Clause in Contracts

Stock Incentive Program. In addition to new hire option grants of 500,000 shares of Company Common Stock (the “Option”) , and any other outstanding options that Executive may currently hold, Executive is eligible to participate in the Company’s 2022 Equity Incentive Plan (the “Program”). The number of shares awarded will be based solely on the Company’s achievement of business and other goals solely determined by the Board prior to the start of each fiscal year. Options earned under this Program will be granted no later than February following the close of the applicable fiscal year. Any Option granted pursuant to this Program will have a purchase price equal to the fair market value on the grant date, and shall be subject to the terms of a notice of stock option grant. The Option will vest and become exercisable on the first anniversary date of this Agreement. Vesting is contingent upon Executive’s continued employment with the Company.