Example ContractsClausesAnnual Grant
Annual Grant
Annual Grant contract clause examples

Annual Grant: On the date of the first regular Board meeting held after each Reata annual stockholder meeting, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will automatically, and without further action by the Board or Compensation Committee of the Board, be granted a stock option to purchase 6,300 shares of Common Stock (the “Annual Grant”). In addition, each Eligible Director who is first elected or appointed to the Board other than at the first regular Board meeting held after a Reata annual stockholder meeting will automatically, and without further action by the Board or Compensation Committee of the Board, be granted an Annual Grant on the date of the Eligible Director’s initial election or appointment to the Board, prorated by multiplying 6,300 by a fraction (1) the numerator of which is the number of subsequent regular Board meetings remaining until (and including) the first regular Board meeting held after Reata’s next annual stockholder meeting and (2) the denominator of which is four. Subject to the Terms, the stock options constituting the Annual Grant will vest in the number of equal quarterly installments that is the number of regular quarterly Board meetings scheduled to be held following the date of grant to and including Reata’s regular Board meeting scheduled to be held after Reata’s next annual stockholder meeting following the date of grant. An example of the above proration procedures follows: if an Eligible Director is appointed to the Board on January 5, 2020, then the Eligible Director would receive an Annual Grant of 3,150 shares on January 5, 2020, which Annual Grant would vest 50% on April 5, 2020, and 50% on July 5, 2020, subject to the Terms; the new Eligible Director and all other Eligible Directors would receive an Annual Grant of 6,300 shares on the date of the June regular Board meeting (held after the June annual stockholder meeting) following the January date of grant, which would vest in four equal quarterly installments, subject to the Terms.

Annual Grant: On the date of each annual stockholder meeting of the Company, each Eligible Director who continues to serve as a non-employee member of the Board following such stockholder meeting will be granted a stock option to purchase 24,000 shares of Common Stock (the “Annual Grant”). The shares subject to the Annual Grant will vest in equal monthly installments over the 12 months following the date of grant, provided that the Annual Grant will in any case be fully vested on the date of Company’s next annual stockholder meeting, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

Annual Grant: On the date of the first regular Board meeting held after each Reata annual stockholder meeting, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will automatically, and without further action by the Board or Compensation Committee of the Board, be granted a stock option to purchase 6,000 shares of Common Stock (the “Annual Grant”). In addition, each Eligible Director who is first elected or appointed to the Board other than at the first regular Board meeting held after a Reata annual stockholder meeting will automatically, and without further action by the Board or Compensation Committee of the Board, be granted an Annual Grant on the date of the Eligible Director’s initial election or appointment to the Board, prorated by multiplying 6,000 by a fraction (1) the numerator of which is the number of subsequent regular Board meetings remaining until (and including) the first regular Board meeting held after Reata’s next annual stockholder meeting and (2) the denominator of which is four. Subject to the Terms, the stock options constituting the Annual Grant will vest in the number of equal quarterly installments that is the number of regular quarterly Board meetings scheduled to be held following the date of grant to and including Reata’s regular Board meeting scheduled to be held after Reata’s next annual stockholder meeting following the date of grant. An example of the above proration procedures follows: if an Eligible Director is appointed to the Board on January, 5, 2017, then the Eligible Director would receive an Annual Grant of 3,000 shares on January 5, 2017, which Annual Grant would vest 50% on April 5, 2017, and 50% on July 5, 2017, subject to the Terms; the new Eligible Director and all other Eligible Directors would receive an Annual Grant of 6,000 shares on the date of the June regular Board meeting (held after the June annual stockholder meeting) following the January date of grant, which would vest in four equal quarterly installments, subject to the Terms.

Annual Grant. On the date of the Company’s annual meeting of stockholders, each Outside Director who will continue as a member of the Board of Directors following such annual meeting of stockholders will receive a stock option grant on the date of such Annual Meeting to purchase 12,500 shares of the Company’s common stock (the “Annual Grant”). All of the shares subject to the Annual Grant shall vest and become exercisable upon the earlier to occur of (i) the first anniversary of the grant date or (ii) the date of the next Annual Meeting of Stockholders; provided, however, that all vesting ceases if the director ceases to provide services to the Company, unless the Board of Directors determines that the circumstances warrant continuation of vesting.

Annual Grant: Unless otherwise determined by the Board, on the date of the Board meeting held each year at which the Board grants executives’ annual equity incentive awards, each Eligible Director who served on the Board for at least six months during the prior calendar year and who continues to serve as a non-employee member of the Board, will be automatically, and without further action by the Board or Compensation Committee of the Board, be granted a stock option for 10,000 shares, or 20,000 shares for Chairman of the Board (the “Annual Grant ”). Each Eligible Director will also receive 5,000 restricted stock units (the “Annual RSU Grant”). Each Eligible Director who has served on the Board for less than six months during the prior calendar year and who continues to serve as a non-employee member of the Board, will be automatically, and without further action by the Board or Compensation Committee of the Board, be granted an Annual Grant and Annual RSU Grant pro-rated for the period served during the prior calendar year. The shares subject to the Annual Grant will vest over one year in twelve equal monthly installments subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan). The shares subject to the Annual RSU Grant will vest on the one-year anniversary of the Annual RSU Grant subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

Annual Grant. Outside Directors are annually awarded equity compensation on the first business day of the Company’s fiscal year in the form of options based on a targeted delivered value of $135,000 (the “Annual Grant”). The number of options awarded to each director in the Annual Grant is based on the targeted delivered value divided by the Black-Scholes value of an option as calculated by the Company’s compensation consultant for a given year.

Annual Grant: On the date of each annual stockholders meeting of the Company held after the date hereof, each Eligible Director who continues to serve as a member of the Board following such stockholders meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 11,250 shares of common stock. The shares subject to each such stock option will vest in full on the earlier of (a) the date immediately prior to the next following annual stockholder meeting and (b) the date that is 12 months after the grant date, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date.

Annual Grant: At the Compensation Committee meeting held in January, February or March of each year for the purpose of granting executives annual equity incentive awards following the Effective Date or, if a Compensation Committee meeting is not held by the end of February of any year, on the last trading date in March of such year following the Effective Date, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 10,000 shares (the “Annual Grant”). In addition, each Eligible Director who is first elected to the Board following the Effective Date and other than at an annual stockholder meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted an Annual Grant, pro rated for the number of months remaining until the next annual stockholder meeting. The shares subject to the Annual Grant will vest over one year in twelve equal monthly installments subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

Annual Grant: On the first market trading day after each annual stockholders meeting of the Company, each Eligible Director who continues to serve as a member of the Board following such stockholders meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option to purchase 8,896 shares of the Company’s common stock. The shares subject to each such stock option will vest in full on the date that is 12 months after the grant date, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date.

Annual Grant: On the date of the first regular Board meeting held after each Reata annual stockholder meeting, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will automatically, and without further action by the Board or Compensation Committee of the Board, be granted a stock option to purchase 6,300 shares of Common Stock (the “Annual Grant”). In addition, each Eligible Director who is first elected or appointed to the Board other than at the first

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.