From time to time, the Company grants stock options to its employees, including the named executive officers. Per the Company’s Equity Incentive Grant Policy, (i) new hire and promotion equity incentive grants shall be granted on the first 15th day of the each month (Regular Grant Date) immediately following the later of (x) the month in which the employee’s employment commences (or promotion is effective, as applicable) and (y) the date of approval by the appropriate governing body (Approval), (ii) annual equity incentive grants shall be made on the 15th day of March (or if such day is not a trading day, the immediately preceding trading day in March) and (iii) consultant equity awards and merit-based and retention equity incentive grants shall be granted on the first Regular Grant Date following Approval. Also, non-employee directors receive automatic grants of initial and annual RSU awards, at the time of a director’s initial election or appointment to the board and at the time of each annual meeting of the Company’s stockholders, respectively, pursuant to the Compensation Policy, as further described under the heading, “Non-Employee Director Compensation—Non-Employee Director Compensation Policy” above. Option grants are made on the regular, predetermined grant dates pursuant to the Company’s Equity Incentive Grant Policy and the Compensation Policy regardless of whether there is any material nonpublic information (MNPI) about the Company on such dates, and such grant dates are not specifically timed in relation to the Company’s disclosure of MNPI. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation.