Grant. The Company hereby grants to Participant, as a matter of separate inducement and agreement in connection with Participants service to the Company, the right and option to purchase (Option) all or any part of an aggregate of Common Units (Option Units), on the terms and conditions set forth herein and in the Plan, subject to adjustment as provided in [Section 8] of the Plan, at a purchase price per Option Unit of $1.00 (Exercise Price). The Exercise Price is equal to the Fair Market Value of the Common Stock on the date hereof, which is the date on which the Option was granted to Participant (Option Date). This Option is not intended to qualify as an incentive stock option within the meaning of section 422 of the Internal Revenue Code of 1986, as amended (the Code).
Grant. The Company hereby grants to the Participant an option (the “Option”) to purchase the total number of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth above. The Option is being granted pursuant to the terms of the Company’s 2022 Equity Incentive Plan (the “Plan”). Capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan.
Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant in the Plan an option (Option) to purchase on the last day of such Offering (the Exercise Date), at the Option Price hereinafter provided for, the lowest of # a number of shares of Common Stock determined by dividing such Participants accumulated payroll deductions on such Exercise Date by the lower of # 85 percent of the Fair Market Value of the Common Stock on the Offering Date, or # 85 percent of the Fair Market Value of the Common Stock on the Exercise Date, # 1,500 shares; or # such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth below. Each Participants Option shall be exercisable only to the extent of such Participants accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the Option Price) will be 85 percent of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less.
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