Equity Grant; Equity Plans or Programs Sample Clauses

Equity Grant; Equity Plans or Programs. On the first day of Executive’s employment as Chief Executive Officer and President, the Company shall issue to Executive 100,000 Deferred Stock Units under the Company’s 1996 or its 2004 Long Term Incentive Plan (the “Plans”), which Deferred Stock Units shall be vested in two equal installments of 33,333 units on the first and second anniversary dates of the date of grant and in an installment of 33,334 on the third anniversary date of the date of grant provided that Executive’s employment with the Company and its subsidiaries has not terminated prior to the applicable vesting date. In addition, annually at the time the Compensation Committee of the Board regularly approves grants of equity awards to executive officers but in any event no later than the last day of May of each year, the Company shall award Restricted Stock, Deferred Stock Units or stock options, or some combination thereof under one or more of the Plans or a successor plan approved by the stockholders of the Company, having a value equal to $1,000,000. For purposes hereof, Restricted Stock and Deferred Stock Units shall be valued at the closing price of the common stock of the Company on the date of grant and stock options shall be valued based on the Black ▇▇▇▇▇▇ method or such other method as shall be used by the Company to value stock option grants for purposes of reporting under the rules and regulations of the Securities and Exchange Commission. Deferred Stock Units and Restricted Stock granted pursuant to this Section 4(d) shall have a vesting period no longer than three years and stock options shall have a vesting period of no longer than five years.