| | | | | | |
 | | | | | | www.AsteraLabs.com 2901 Tasman Dr., Suite 204 Santa Clara, CA 95054 |
b. Stock Options. Subject to the approval of the Company’s Board of Directors (the “Board”), the Company plans to issue you options to purchase 500,000 shares of the Company’s common stock pursuant to the Company’s 2018 Equity Incentive Plan as follows:
(i) an initial option to purchase 500,000 shares of the Company’s common stock (the “Initial Option”). So long as you continue in service with the Company, the Initial Option will vest and become exercisable as follows: 25% of such amount shall become vested on the one (1) year anniversary of your start date with the Company, with the remaining shares becoming vested in equal monthly installments over 36 months following such one year anniversary, as long as you remain employed by the Company during such period. The Initial Option shall further be subject to the terms and conditions of subsection 3(b)(ii) hereof.
(ii) The per share price for each of the Initial Option and the Refresh Option will be equal to the per share fair market value of the common stock on the date each such option is granted. Each of the Initial Option and the Refresh Option will be contingent upon your executing the Company’s standard stock option agreement.
d. Benefits. You will be eligible to participate in regular health insurance, vacation, and other employee benefit plans established by the Company for its employees from time to time on substantially the same terms as are made available to employees of the Company generally.
e. Expenses. The Company will reimburse you for all reasonable and necessary expenses incurred by you in connection with the Company’s business, in accordance with any applicable policy established by the Board from time to time.
4. At-Will Employment. You will be an at will employee of the Company, which means that the employment relationship can be terminated by either you or the Company for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations to the contrary should be regarded by you as ineffective. Any modification or change in the at-will employment status may only occur by way of a written employment agreement signed by you and an authorized member of the Board.
5. Other Agreements. By signing this offer letter, you represent to the Company that either (a) you are not bound by any other agreement or agreements (i.e., a non-solicitation or non-compete agreement with a former employer) which would inhibit or limit in any way your ability to perform the duties required by this position or to contact, solicit, or hire any other individual or entity to work for or contract with the Company or (b) you have provided copies of any such agreements to the Company prior to signing this offer letter.
6. Miscellaneous. This offer letter constitutes the entire agreement between you and the Company regarding the terms and conditions of your employment, and they supersede all prior negotiations, representations, or agreements between you and the Company. The provisions of this agreement may only be modified by a document signed by you and the Company. This offer letter will be governed by the laws of the State of California.
2
