Options. We will recommend to the Board of Directors of the Company that you be granted the opportunity to purchase up to seven hundred and fifty thousand (750,000) shares of Common Stock of the Company (the Option) under our 2006 Stock Plan (the Plan) at the fair market value of the Companys Common Stock, as determined by the Board of Directors on the date the Board approves such grant. The shares you will be given the opportunity to purchase will vest at the rate of 25% percent at the end of your first anniversary with the Company, and an additional 2.08333% percent per month thereafter, so long as you remain continuously employed by the Company. However, the grant of such options by the Company is subject to the Boards approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and any specific option grant to you will be provided upon approval of such grant by the Companys Board of Directors.
Subject to the approval of the Board of Directors of the Company, the Company may grant to you an incentive stock option (the Option) under the Companys Stock Incentive Plan (the Plan) for the purchase of an aggregate of sixty thousand (60,000) shares of common stock of the Company at a price per share equal to the fair market value at the time of Board approval. The Option shall be subject to all terms, vesting schedules and other provisions set forth in the Plan and in a separate option agreement.
Subject to the approval of the Companys Board of Directors, you will be granted the option to purchase shares of the Companys common stock equal to one percent (1%) of the Companys shares on a fully-diluted basis on the date of grant, including the Companys employee option pool (the Option). The Option will be subject to the terms and conditions of the Companys standard form of Stock Option Agreement (the Option Agreement) and the Companys 2007 Stock Plan (the Plan). This Option shall be an incentive stock option to the extent permitted by law. The Option will be granted at an exercise price equal to the fair market value of the stock on the date of the grant and will vest 25% at the end of the first full, continuous year of employment with monthly vesting thereafter at the rate of 1/48th of the total grant. Vesting will, of course, depend on your continued employment with the Company. Please consult the Option Agreement and the Plan for further information.
At the first meeting of the Companys Board of Directors following your start date at which the Board will be approving stock option grants and subject to Board approval, management will recommend that you be granted an option to purchase 870,000 shares of the Companys common stock (the Option). The exercise price per share of the Option will be equal to the fair market value per share on the date the Option is granted. The option will be subject to the terms and conditions applicable to options granted under the Companys 2008 Stock Plan (the Plan) and the applicable stock option agreement. 25% of the shares subject to the Option shall vest 12 months after the date your vesting begins, subject to your continuing employment with the Company, and no shares shall vest before such date. The remaining shares shall vest monthly over the next 36 months in equal amounts, subject to your continuing employment with the Company.
As compensation for your services to the Company, the Company will, subject to the approval of the Board, grant you a nonstatutory stock option entitling you to purchase 109,775 (0.75% of 14,636,189 diluted shares) shares of common stock of the Company (the Option). The exercise price per share will be equal to the fair market value of the Companys common stock on the date of grant, as determined by the Board. The Option shall vest and become exercisable as to 25% of the shares subject to the Option on the first anniversary of your vesting commencement date and as to 1/48th of the shares each month thereafter, subject to your continued service on such dates, such that all shares subject to the Option shall be fully vested after 4 years. Notwithstanding the foregoing, in the event of a change of control (to be defined in the Option Agreement) of the Company, 100% of the shares subject to your option shall automatically vest and become immediately exercisable. The Option shall be subject to the terms and conditions of the Companys Stock Plan (the Plan) and a stock option agreement (the Option Agreement) to be executed by you and the Company, both of which are incorporated herein by reference. No right to any stock is earned or accrued until such time that vesting occurs, nor will the grant confer any right to continued vesting or to remain on the Board.
As soon as practicable after the commencement of your employment, we will recommend to the Board of Directors of the Company that you be granted an option (the “Option”) to purchase 495,000 shares of Common Stock of the Company (the “Shares) at an exercise price equal to the fair market value per share of Common Stock on the date the Option is granted. Subject to your continued employment with the Company, the Option will vest over four years from your employment start date, with 25% of the shares subject to the Option vesting on the first anniversary and the remaining shares vesting monthly thereafter. The Option will be subject to the terms and conditions of the Company’s 2011 Equity Incentive Plan, as amended (the “Equity Plan”), and Stock Option Agreement thereunder. The Option will fully accelerate if you experience a qualifying termination of employment within twelve months following a Change in Control, as defined in the Equity Plan, with the specific terms of such acceleration provision to be set forth in your Stock Option Agreement.
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.
As additional compensation, the Company will, subject to approval of the Board, grant you a nonstatutory stock option enabling you to purchase 275,000 shares of the Companys common stock (the Option). The exercise price per share will be equal to at least the fair market value of the Companys common stock on the date of grant, as determined by the Board in its sole discretion. The Option shall vest at a rate of one forty-eighth (1/48) per month beginning on the date you first begin providing services to the Company, and shall be subject to your continued service to Company on each vesting date. The option will be early exercisable, subject to the Companys right to repurchase any unvested shares. The Option shall be subject to the terms and conditions of the Companys 2010 Stock Plan (the Plan) and the Companys standard form of stock option agreement (the Option Agreement), as may be amended from time to time hereafter. No right to any stock is earned or accrued until such time as that vesting occurs, nor does the grant confer any right to continue vesting or maintenance of your status as a service provider to the Company or member of the Board. In the event of a change of control of the Company during your term of service, 100% of the unvested shares subject to your Option shall vest immediately prior to the closing of such change of control.
Subject to the approval of the Companys Board of Directors, you will be granted an option to purchase 0 shares of Company common stock under the Companys stock option plan at an exercise price equal to the fair market value of that stock on your option grant date. Your option will vest over a period of four years, and will be subject to the terms and conditions of the Companys stock option plan and standard form of stock option agreement, which you will be required to sign as a condition of receiving the option.
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.
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