Summary of Stock Option Grants to Named Executive Officers of Align Technology (February 2005)
This document summarizes stock option grants approved by Align Technology's Compensation Committee on February 22, 2005, for several named executive officers. Each officer received options to purchase shares of Align common stock at an exercise price of $7.35 per share, with the number of options varying by individual. The options vest 25% immediately and the remainder monthly at 2.083%. All other terms follow a standard option agreement previously filed by the company.
EXHIBIT 10.40
Summary of Stock Option Grants made to Named Executive Officers
On February 22, 2005, the Compensation Committee of the Board of Directors approved the following grant of options to purchase shares of Align common stock to certain of our employees (including each of our named executive officers). Except for the vesting schedule set forth below, the material terms of each of the stock option agreements is identical to the form of option agreement filed with our Form 10-Q for the quarter ended September 30, 2004. The following table sets forth information regarding the option grants to each of our named executive officers:
| Name | Number of Securities Underlying Options Granted | Exercise Price | |||
| Thomas M. Prescott, President, Chief Executive Officer and Director | 150,000 | $ | 7.35 | ||
| Eldon M. Bullington, Vice President, Finance and Chief Financial Officer | 125,000 | $ | 7.35 | ||
| David S. Thrower, Vice President, Global Marketing | 120,000 | $ | 7.35 | ||
| Len M. Hedge, Vice President, Manufacturing | 120,000 | $ | 7.35 | ||
| Roger E. George Vice President, Legal and Corporate Affairs, and General Counsel and Corporate Secretary | 115,000 | $ | 7.35 | ||
Each of the above options vest in accordance with the following schedule: 25% of the shares subject to the option were vested and exercisable on the date of grant, and 2.083% of the shares subject to the option become vested and exercisable each month thereafter.
