ANNUAL STOCK OPTION GRANT. Subject to the availability of shares under the Corporation’s 1999 Stock Plan (the “1999 Plan”) or any other qualified or non-qualified stock incentive plan designated by the Board of Directors and approved by the Corporation’s stockholders, on or about the date of the Corporation’s annual meeting (but not later than June 30th) for each year of the Term (beginning in 2006) (each, a “Grant Date”), Employee shall be eligible for an option (“Annual Option”) to purchase shares of common stock of the Corporation in an amount equal to not less than 100% of the largest aggregate amount of annual option grants to any other continuing full-time employee of the Corporation over the twelve (12) months up to and including the applicable Grant Date or otherwise with respect to the same option period (excluding sign-on or other grants outside of the ordinary course of such employee’s employment) (the “Base Amount”); provided, however, that the Board of Directors may determine, if consistent with the opinion of a qualified outside compensation consultant, that Employee is eligible to receive options to purchase between 100% and 150% of the Base Amount; provided further, however, that approval by the Corporation’s shareholders shall be required if Employee is to receive options to purchase in excess of 150% of the Base Amount. All Annual Options shall be subject to the final approval of the Board of Directors. The Annual Options granted pursuant to this Agreement shall be granted pursuant to the 1999 Stock Plan or any other qualified or non-qualified stock incentive plan designated by the Board of Directors, which other plan has been approved by the stockholders of the Corporation. The Annual Options shall vest quarterly over the one-year period following the Grant Date and shall be exercisable after vesting at a price equal to the closing price of the common stock of the Corporation on the Grant Date for a period of five years from the Grant Date, provided, however, that if Employee ceases to be an employee of the Corporation, the exercise period shall be shortened in accordance with the stock plan under which the Annual Option was granted. Notwithstanding anything to the contrary herein, if Employee is not actively engaged in the duties of Creative and Design Chief for at least six months out of the twelve months immediately preceding a Grant Date, the Corporation shall not be required to grant, and Employee shall not be eligible to receive, an Annual Option on such Gra...
ANNUAL STOCK OPTION GRANT. Executive shall be eligible for an annual stock option (the "Annual Stock Option") (including ISO's and NQO's). The target grant for Executive shall be an option to purchase seventeen thousand shares (17,000) of Common Stock, granted in accordance with the terms of the Plan, the actual number of shares in the grant to be determined by the CEO and the Compensation Committee of the Board of Directors. The first Annual Stock Option shall be in accordance with the normal Company calendar for officers following the 2001 fiscal year. Options granted to Executive pursuant to this section shall be designated incentive stock options to the maximum extent allowed by law.
ANNUAL STOCK OPTION GRANT. The second sentence of Section 1.5.2 of the Agreement is hereby amended and restated to read in its entirety as follows: The target grant for Executive shall be an option to purchase thirty-five thousand shares (35,000) of Common Stock, granted in accordance with the terms of the Plan, the actual number of shares in the grant to be determined by the CEO and the Compensation Committee of the Board of Directors.
ANNUAL STOCK OPTION GRANT. Executive shall be given the opportunity to be granted additional options or SARs with respect to shares of Common Stock with an underlying market value at the time of grant of 100-125% of Executive's annual base salary at the time of grant in accordance with and commencing upon Employer's next regular grant of options following the Effective Date; provided, however, that nothing contained in this Section 5(f) shall confer upon Executive any right to such additional options or SARs.
ANNUAL STOCK OPTION GRANT. For the Company's 1996 Employee Stock Option Award Program Executive shall be granted. non- qualified stock options to purchase 400,000 shares of the Company's common stock pursuant to the 1996 Stock Option Plan. The vesting of said option shares shall occur as follows. 50,000 shares as of January 1, 1997, an additional 100,000 shares as of January 1, 1998, an additional 150,000 shares as of January 1, 1999, and the final 100,000 shares as of January 1, 2000. The number of options for subsequent years of the term hereof shall be determined annually by the Board of Directors giving primary consideration to the number of options granted each prior year and Executive's contribution to Company performance. All of the options shall be at the then existing market price as determined by the Board, or an appropriate committee thereof, with an exercise term of 10 years. Executive's options shall have all rights and benefits related to stock options of the Company contemplated by the Employee Stock Option Plan of the Company.
ANNUAL STOCK OPTION GRANT. An annual grant of stock options for common shares in the capital stock of the Corporation with the number of such options to be determined as follows:
ANNUAL STOCK OPTION GRANT. No change to attached. -------------------------
ANNUAL STOCK OPTION GRANT. Provided he remains an employee of the Company and Chairman of the Board and subject to the approval of the Board, in or about June 2003, Employee shall be granted an option to purchase fourteen thousand (14,000) shares of Company common stock with a per share exercise price equal to the last sale price of the Company common stock on the day before the grant, and pursuant to the Company's 1999 Equity Incentive Plan (the "Plan") and the related stock option agreement. One hundred percent (100%) of the stock options shall vest twelve (12) months after the date of the grant. Thereafter, subject to his continuous service on the Company's Board, Employee shall be eligible for additional option grants equivalent to those received by a non-employee Chairman under the terms and conditions of the Non-Employee Directors' Stock Option Plan. The options granted hereunder shall be an incentive stock option to the maximum extent permitted by applicable law.
ANNUAL STOCK OPTION GRANT. Subject to the approval by the Corporation's stockholders of the Amendment of the Corporation's 1999 Stock Plan (the "1999 Plan") and subject to availability of shares under such 1999 Plan or any other qualified or non-qualified stock incentive plan designated by the Board of Directors and approved by the stockholders, on or about the date of the Corporation's annual meeting (but not later than June 30th) for each year of the Term (beginning in 2002) (each, a "Grant Date"), Executive shall be granted an option ("Annual Option") to purchase a number of shares of common stock of the Corporation equal to the dollar amount of the Cash Bonus Executive received for the previous fiscal year, provided, however, that in no event shall the number of shares subject to any Annual Option be greater than 100,000. The Annual Options granted pursuant to this Agreement shall be granted pursuant to the Corporation's 1999 Stock Plan or any other qualified or non-qualified stock incentive plan designated by the Board of Directors, which other plan has been approved by the stockholders of the Corporation. The Annual Options shall vest quarterly over the one year period following the Grant Date and shall be exercisable after vesting at a price equal to the closing price of the common stock of the Corporation on the Grant Date for a period of five years from the Grant Date, provided, however, that if Executive ceases to be either an employee or director of the Corporation, the exercise period shall be shortened in accordance with the stock plan under which the Annual Option was granted.
ANNUAL STOCK OPTION GRANT. Executive shall be eligible to receive an ------------------------- annual grant of stock options, subject to the discretion of and approval by the Board, with a target grant value of $1,250,000 and a maximum grant value of $1,750,000. Grant value shall be determined by the Black-Scholes Option Pricing Model using the same assumptions the Board applies to determine annual option grants for the Company's other executive officers. Such annual stock option grant shall be awarded at the same time annual option grants are awarded to the Company's other executive officers, beginning with grants attributable to performance for the firm's 2002 fiscal year.
