Common use of Company Stock Option Plans Clause in Contracts

Company Stock Option Plans. During the Employment Period, the Executive shall be entitled to participate in all stock option plans, practices, policies and programs applicable generally to other peer executives of the Company and the affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and the affiliated companies for the Executive under such stock option plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and the affiliated companies. The basis for the valuation for such stock option awards for Executive shall be the highest applicable percent of salary within the last three fiscal years prior to the Effective Date, based upon Executives job classification, with the target award value divided by a value per share developed through a modified Black-Scholes pricing model to determine the number of option shares to be awarded, such approach being consistent with that described in a notice of annual meeting of shareholders of the Company within the last three full fiscal years prior to the Effective Date, which yields the highest value of stock option awards.