Common use of Equity Incentive Program Clause in Contracts

Equity Incentive Program. The Company shall grant to Executive from time to time (each grant to be effective as of the date the Company issues additional shares of its common stock) options to acquire shares of the common stock of the Company in an amount equal to one and one-quarter percent (1.25%) of the common stock issued by the Company from time to time in connection with the greater of: (i) the first $350 million of aggregate paid-in capital of the Company or (ii) the amount of aggregate paid-in capital of the Company pursuant to capital commitments accepted by the Company as of September 30, 2010 (not including any common stock outstanding as a result of the exercise of any options granted by the Company), at an exercise price per share equal to the fair market value (as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) as of each such date of grant (each such grant, and collectively, the “Equity Incentive”). The terms of the Equity Incentive shall include the terms set forth in Exhibit A to this Agreement and shall be subject to the terms and conditions of the Company’s applicable incentive plan and award agreement thereunder.