Equity Grants. Upon your Start Date, the Company shall grant to you a stock option (the “Option”) under the Company’s 2019 Equity Incentive Plan, as it may be amended from time to time (the “Plan”), to purchase 300,000 shares (subject to any adjustments for any stock splits, stock dividends, reverse stock splits or recapitalizations that are effected at any time during the period commencing after the date of this letter and ending on the grant date of the Option, the “Option Shares”) of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at an exercise price equal to fair market value of the Common Stock, as determined by the Board of Directors of the Company, on the date of the grant of the Option (the “Grant Date”).
Equity Grant. Effective as of your Start Date, the Company will issue you 3,892,415 options to purchase a fixed number of shares of the Companys common stock, $0.001 par value per share (the Common Stock), representing 4.0% of the total number of shares of the Companys capital stock outstanding as of your Start Date, on an as-converted to Common Stock basis, including for purposes of this calculation the exercise of all options and warrants, including any shares issuable pursuant to existing option agreements or other instruments such as promissory notes, and the conversion of convertible securities outstanding as of the Start Date. This option grant will have an exercise price equal to the fair market value of the Common Stock on the Start Date (as determined by the Board or Compensation Committee) and, to the extent permitted under tax law, will be comprised of incentive stock options under [[Person A:Person]]
Stock Option. At the first Board meeting following the Start Date, the Company will grant you an option to purchase 4,000,000 shares of the Companys common stock (the Option). The Option shall vest over a four-year period, with one quarter (1/4) of the shares subject to the Option vesting on the one year anniversary of the date of grant, and the remaining shares vesting equally over the following thirty-six (36) months of continuous service. The Option shall be issued pursuant to the terms and conditions of the Companys 2015 Equity Incentive Plan (the Plan), at an exercise price equal to 100% of the fair market value of the Companys common stock on the date of grant, as provided in the Plan and consistent with the requirements for an exemption from the application of Section 409A of the Internal Revenue Code (the Code), and shall be governed in all respects by the terms of the Plan, the grant notices and the option agreements.
If you decide to join us, it will be recommended at the first meeting of the Companys Board of Directors following your start date that the Company grants you an incentive option to purchase 852,069 shares of the Companys common stock (the Option). Subject to Companys Board of Directors approval, you will be granted such stock option in accordance with the Companys 2011 Equity Incentive Plan (the Plan) and related option documents. You will be required to sign the applicable Stock Option agreement (the Agreement) and the options will be subject to the terms and conditions of the Plan and the Agreement. The exercise price per share will be equal to the fair market value per share on the date the Option is granted, as determined by the Companys Board of Directors. Twenty-five (25%) of the shares subject to the Option shall vest upon completion of a twelve month employment at the Company and the remaining shares subject to the Option shall vest in equal monthly installments over the next thirty-six months subject to your continued service with the Company through each vesting date, as described in the applicable option agreement. No right to any equity is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continued vesting or employment.
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