New Hire Option Grant Authorization Plan – Stock Option Grants to Employees (2001–2004)
This document outlines stock option grants made by the company to non-executive and executive employees under its New Hire Option Grant Authorization Plan from 2001 to 2004. The plan details the number of options granted, grant prices, and vesting schedules. Options vest 25% after one year, with the remaining 75% vesting monthly over the next three years. The summary excludes grants to former employees whose options were forfeited. The agreement sets clear terms for when and how employees can exercise their stock options.
Exhibit 10.31
New Hire Option Grant Authorization – Updated Appendix
Awards Granted Under the New Hire Plan*
The Company has made the following option grants under its New Hire Option Grant Authorization Plan (the “New Hire Plan”). In 2004, the Company granted three non-executive officer employees a total of 16,000 stock options with a grant price of $14.90, one non-executive officer employee a total of 200,000 stock options with a grant price of $15.71 and four non-executive officer employees 26,500 options with a grant price of $16.72. In 2003, the Company granted sixteen non-executive officer employees a total of 97,000 stock options with a grant price of $12.79 and one non-executive officer employee 75,000 options with a grant price of $15.99. In 2002, the Company granted six non-executive officer employees a total of 235,000 stock options with a grant price of $6.71. In 2001, the Company granted the President and Chief Operating Officer of the Company, 300,000 stock options with a grant price of $9.62. This summary does not include grants made to individuals who are no longer with the Company and whose options have been forfeited.
All stock options granted under the New Hire Plan vest as follows: (i) twenty-five percent (25%) of the options become exercisable on the first anniversary of date of grant and (ii) the remaining seventy-five (75%) become exercisable pro rata over the following 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; provided that, in no event shall any option be exercisable following the expiration or termination of the option.
* This Updated Appendix does not include information regarding grants made to individuals who are no longer employees of the Company.
