|4. || |
Subject to the approval of the Board, you will be granted an option to purchase 628,952 shares of the Companys common stock, which is intended to represent approximately 0.6% of the capitalization of the Company on the date hereof, on an as-converted, fully- diluted basis. In addition, subject to the approval of the Board and your continued employment through the grant date, following the milestone closing (as defined in that certain Series A-2 Preferred Stock Purchase Agreement by and among the Company and the other parties thereto dated as of February 12, 2019, as the same may be amended and/or restated), you will be granted an additional option to purchase 331,982 shares of the Companys common stock, which, together with the initial option, is intended to represent approximately 0.6% of the capitalization of the Company, on an as-converted, fully-diluted basis, following the milestone closing. The options will be granted pursuant to the Companys 2015 Stock Incentive Plan or a successor equity plan and will be subject to the terms of the Plan and the applicable stock option agreements, which you will be required to sign. Each Option shall vest as to 25% of the shares subject to the Option on the first anniversary of the Start Date and as to the remaining 75% of the shares subject to the Option in thirty-six (36) equal installments monthly thereafter, subject to your continued service on each applicable vesting date. The exercise price per share of each Option will be equal to the fair market value per share of the Companys common stock on the date the Option is granted, as determined by the Board. Each Option shall be intended to qualify as an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, to the maximum extent permitted by law.