Example ContractsClausesInitial Grant
Initial Grant
Initial Grant contract clause examples

Initial Grant. On the date that a Director who is not an Employee commences service on the Board, an initial grant of Options that are not intended to be designated as Incentive Stock Options (“Non-Qualified Stock Options), shall automatically be made to that Director who is not an Employee (the “Initial Option Grant”). The number of Shares subject to this Initial Option Grant and other terms governing this Initial Option Grant shall be as determined by the Board in its sole discretion. If the Board does not establish the number of Shares subject to the Initial Option Grant for a given newly-elected Director who is not an Employee prior to the date of grant for such Initial Option Grant, then the number shall be one thousand (1,000) Shares. If at the time a Director who is also an Employee or does not otherwise qualify as an outside director within the meaning of Section 162(m) of the Code (an “Outside Director”), commences service on the Board, such Director shall be entitled to an Initial Option Grant at such time as such Director subsequently is no longer an Employee or qualifies as an Outside Director and if such Director remains a Director.

Initial Grant. Each individual who first becomes an Outside Director following the effective date of the Registration Statement will be granted an award consisting of a Nonstatutory Stock Option (“NSO”) and Restricted Stock Units (“RSUs”) (together, an “Initial Grant”) with a combined Value of $320,000, provided that the number of Shares covered by the Initial Grant shall be rounded down to the nearest whole Share, on the date of the first Board or Compensation Committee meeting occurring on or after the date on which such individual first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy. The allocation of Value between the NSO and RSUs subject to the Initial Grant shall be determined in accordance with the Methodology as defined below.

Initial Grant. Upon initial election to the Board, each new Outside Director will receive an initial, one-time stock option grant of common stock of the Company (the “Initial Grant”), with a Value of $60,000, an exercise price equal to the closing price of the Company’s common stock on the date of the grant, and a term of ten years, that vests annually (25% per year) over four years; provided, however, that all vesting ceases if the director resigns from our Board or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting. This Initial Grant applies to Outside Directors who are first elected to the Board subsequent to the Company’s initial public offering.

Initial Grant. In connection with the commencement of your employment, subject to standard Board approval, the Company will grant you an option (the “Option”) to purchase 100,000 shares of the Company’s Common Stock (the “Shares”) at an exercise price equal to the fair market value of the common stock on the date of grant, as determined in accordance with the terms of the Company’s 2010 Equity Incentive Plan (the “Plan”).

Initial Grant. Each Outside Director appointed to the Board at any time, other than # as of the beginning of the Company’s fiscal year (thereby entitling such Outside Director to the Annual Grant (as defined in subsection b. below)), or # during the last month of the Company’s fiscal year, shall be entitled to receive an initial, interim grant in the form of Non-Qualified Stock Options (each Non-Qualified Stock Option, an “option”; such grant, the “Initial Grant”). The Initial Grant shall have a targeted delivered value equal to the targeted delivered value of the Annual Grant awarded to Outside Directors as of the beginning of the then-current fiscal year, pro-rated on the basis of the remaining full months of service such Outside Director will serve for the balance of such then-current fiscal year.

Initial Grant. Following the Effective Date, each new Outside Director will receive an initial, one-time stock option grant to purchase 25,000 shares of the Company’s common stock (the “Initial Grant”). 33.3% of the shares subject to the Initial Grant shall vest and become exercisable on the first anniversary of the applicable vesting commencement date and the remaining 66.7% of the shares subject to the Initial Grant shall vest and become exercisable in 24 equal monthly installments thereafter; 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.

Initial Grant. Each individual who first becomes an Outside Director following the effective date of the Registration Statement will be granted an award consisting of a Nonstatutory Stock Option (“NSO”) and Restricted Stock Units (“RSUs”) (together, an “Initial Grant”) with a combined Value of $320,000, provided that the number of Shares covered by the Initial Grant shall be rounded down to the nearest whole Share, on the date of the first Board or Compensation Committee meeting occurring on or after the date on which such individual first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy. The allocation of Value between the NSO and RSUs subject to the Initial Grant shall be determined in accordance with the Methodology as defined below.

Initial Grant. Each Outside Director shall receive, upon his/her first election to the Board, an initial grant (the “Initial Grant”) of 20,000 options for shares of the Company’s common stock. The date of the Initial Grant shall be the date of the Annual Meeting at which the Outside Director is first elected to the Board or, if the Outside Director is elected to the Board other than at an Annual Meeting, the date of such election. The exercise price of the options shall be the closing price of the Company's common stock on the Nasdaq National Market on the date of grant of the options. Options shall vest over a 12 month period in equal quarterly installments, effective immediately upon grant and subject to continued service as an Outside Director. The term of each option shall be ten years from the date the option is granted.

Initial Grant. On or as soon as practicable after the Effective Date, Executive shall be entitled to receive a grant of service-based restricted share units (“RSUs”) (or substantially similar award) covering a number of Shares equal to the quotient of # $300,000 divided by # the average closing price of a Share for the ten trading days immediately preceding (but not including) the date of grant on the principal stock exchange on which it then trades (the “Initial RSUs”). Such Initial RSUs will, in general, vest subject to Executive’s continued employment with the Company in three substantially equal installments on each of the first three anniversaries of the date of grant, with dividend equivalents credited with respect to such Initial RSUs deferred until (and paid in Shares contingent upon) the vesting of such Initial RSUs.

Initial Grant. In connection with the commencement of your employment, the Company will, subject to standard Board approval, grant you an option (the “Option”) to purchase 140,000 shares of the Company’s Common Stock (the “Shares”) at an exercise price equal to the fair market value of the common stock on the date of grant, as determined in accordance with the terms of the Company’s 2010 Equity Incentive Plan (the “Plan”).

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