Dendrite New Hire Stock Option Grant Agreement for Non-Executive Employees (February 2006)
Dendrite granted stock options for 7,000 shares to two new non-executive employees as an incentive to join the company. The options have a ten-year term and an exercise price set at the closing price of Dendrite’s stock on the day before the grant. Vesting occurs with 25% of the options becoming exercisable after one year, and the remaining 75% vesting monthly over the next three years, fully vesting after four years.
Exhibit 10.9
New Hire Authorization—Updated Appendix
Stock options covering an aggregate of 7,000 shares of common stock were granted to two non-executive officer employees on February 3, 2006 under the Company’s New Hire Authorization as an inducement to entering into employment with the Company. The options include a ten-year duration and an exercise price equal to the closing price of Dendrite’s stock on the business day immediately preceding the date of grant. The vesting schedule for the options is as follows: (i) twenty-five percent (25%) of the options shall first become exercisable on the first anniversary of date of grant and (ii) the remaining seventy-five percent (75%) shall become exercisable pro rata over the following three (3) year period, on a monthly basis, commencing on the first anniversary of the date of grant and ending on the fourth anniversary of the date of grant.
