Common use of Grant and Terms of Option Clause in Contracts

Grant and Terms of Option. Pursuant to action of the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”), the Company grants, effective September 5, 2019 (“Date of Grant”) to Optionee the option to purchase all or any part of Four Hundred Thousand (400,000) shares of the common stock of the Company, par value of $0.01 each ("Common Stock"), to vest quarterly over a period of two (2) years as set forth in the table below, at the purchase price of $10.79 per share, which is the fair market value of the Common Stock determined as the official NASDAQ closing share price on the Date of Grant; provided, however, that the right to exercise such option shall be, and is hereby, restricted as follows: (a) No shares may be purchased prior to March 31, 2020. Subject to the terms of this Agreement, the 400,000 stock options shall vest in eight (8) quarterly installments, beginning on January 1, 2020, as follows: Vesting Date Percentage of Stock Options Vesting On March 31, 2020 12.5% On June 30, 2020 12.5% On September 30, 2020 12.5% On December 31, 2020 12.5% On March 31, 2021 12.5% On June 30, 2021 12.5% On September 30, 2021 12.5% On December 31, 2021 12.5% On or after December 31, 2021, during the term hereof, Optionee will become entitled to purchase the entire number of shares (400,000 shares) to which this option relates. (b) In no event may this option or any part thereof be exercised after the expiration of five (5) years from the Date of Grant, which shall be the term of the option. (c) The purchase price of the shares subject to the option may be paid for (i) in cash, (ii) in the discretion of the Board, by tender of shares of Common Stock already owned by Optionee, or (iii) in the discretion of the Board, by such other method as the Board may determine. (d) The option may not be exercised for a fraction of a share. (e) The option may not be exercised if Optionee is no longer employed by the Company subject to the provisions of section 4 of this Agreement. (f) The option may not be exercised if shareholder approval is not received and may not be exercised prior to the registration of the shares being offered under the Agreement, which registration shall be filed by the Company with the United States Securities and Exchange Commission following the Company’s next annual shareholder meeting. (g) The Board or the Committee shall also determine the methods by which shares of stock shall be delivered or deemed to be delivered to Optionee.

Grant and Terms of Option. Pursuant to action of the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “BoardBoard of Directors”), the Company grants, effective September 528, 2019 2015 (“Date of Grant”) ), to Optionee the option to purchase all or any part of Four Hundred Thousand (400,000) shares of the common stock of the Company, par value of $0.01 each Company ("Common Stock"), to vest quarterly over a period of two (2) years as set forth in from the table belowEmployment Date, at the purchase price of $10.79 8.07 per share, which is the fair market value of the Common Stock determined as the official NASDAQ latest available closing share price on the Date of Grant; provided, however, that the right to exercise such option shall be, and is hereby, restricted as follows: (a) No shares may be purchased prior to March 31, 20202016. Subject to the terms of this Agreement, the 400,000 stock options shall vest in eight (8) equal quarterly installments, beginning on January 1, 2020, installments as follows: Vesting Date Percentage of Stock Options Vesting On March 31, 2020 2016 12.5% On June 30, 2020 2016 12.5% On September 30, 2020 2016 12.5% On December 31, 2020 2016 12.5% On March 31, 2021 2017 12.5% On June 30, 2021 2017 12.5% On September 30, 2021 2017 12.5% On December 31, 2021 2017 12.5% On or after December 31, 20212017, during the term hereof, Optionee will have become entitled to purchase the entire number of shares (400,000 shares) to which this option relates. (b) In no event may this option or any part thereof be exercised after the expiration of five ten (510) years from the Date of Grant, which shall be the term of the option. (c) The purchase price of the shares subject to the option may be paid for (i) in cash, (ii) in the discretion of the BoardBoard of Directors, by tender of shares of Common Stock already owned by Optionee, or (iii) in the discretion of the BoardBoard of Directors, by such other method as the Board of Directors may determine. (d) The option may not be exercised for a fraction of a share. (e) The option may not be exercised if Optionee is no longer employed by the Company subject to the provisions of section 4 of this Agreement. (f) The option may not be exercised if shareholder approval is not received and may not be exercised prior to the registration of the shares being offered under the Agreement, which registration shall be filed by the Company with the United States Securities and Exchange Commission following the Company’s next annual shareholder meeting. (g) The Board or the Committee shall also determine the methods by which shares of stock shall be delivered or deemed to be delivered to Optionee.

Grant and Terms of Option. Pursuant to action of the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “BoardCommittee”), the Company grants, effective September 5April 26, 2019 2018 (“Date of Grant”) ), to Optionee the option to purchase all or any part of Four Hundred Thousand Fifty (400,00050,000) shares of the common stock of the Company, par value of $0.01 each Company ("Common Stock"), to vest quarterly over a the period from the Date of two (2) years Grant as set forth in the table belowbelow table, at the purchase price of $10.79 10.50 per share, which is the fair market value of the Common Stock determined as the official NASDAQ closing close share price on of the Date of Grant; next business day following the Company’s Q1 2018 earning’s announcement, provided, however, that the right to exercise such option shall be, and is hereby, restricted as follows: (a) No shares may be purchased prior to March 31, 2020. Subject to the terms of this Agreement, the 400,000 50,000 stock options shall vest in eight (8) quarterly installments, beginning on January 1, 2020, installments as follows: Vesting Date Percentage of Stock Options Vesting On April 26, 2018 8.33% On June 30, 2018 8.33% On September 30, 2018 8.33% On December 31, 2018 8.33% On March 31, 2019 8.33% On June 30, 2019 8.33% On September 30, 2019 8.33% On December 31, 2019 8.33% On March 31, 2020 12.58.33% On June 30, 2020 12.58.33% On September 30, 2020 12.58.33% On December 31, 2020 12.5% On March 31, 2021 12.5% On June 30, 2021 12.5% On September 30, 2021 12.5% On December 31, 2021 12.58.33% On or after December 31, 20212020, during the term hereof, Optionee will have become entitled to purchase the entire number of shares (400,000 50,000 shares) to which this option relates. (b) In no event may this option or any part thereof be exercised after the expiration of five ten (510) years from the Date of Grant, which shall be the term of the option. (c) The purchase price of the shares subject to the option may be paid for (i) in cash, (ii) in the discretion of the BoardBoard of Directors or the Compensation Committee, by tender of shares of Common Stock already owned by Optionee, or (iii) in the discretion of the BoardBoard of Directors or the Compensation Committee, by such other method as the Board of Directors or the Compensation Committee may determine. (d) The option may not be exercised for a fraction of a share. (e) The option may not be exercised if Optionee is no longer employed by the Company subject to the provisions of section 4 of this Agreement. (f) The option may not be exercised if shareholder approval is not received and may not be exercised prior to the registration of the shares being offered under the Agreement, which registration shall be filed by the Company with the United States Securities and Exchange Commission following the Company’s next annual shareholder meeting. (g) The Board or the Committee shall also determine the methods by which shares of stock shall be delivered or deemed to be delivered to Optionee.

Grant and Terms of Option. Pursuant to action of the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”Board of Directors), the Company grants, effective September 5October 30, 2019 2017 (“Date of Grant”) ), to Optionee the option to purchase all or any part of Four Hundred Thousand (400,000) shares of the common stock of the Company, par value of $0.01 each Company ("Common Stock"), to vest quarterly over a period of two (2) years 24 months as set forth in the table belowbelow table, at the purchase price of $10.79 6.95 per share, which is the fair market value of the Common Stock determined as the latest available official NASDAQ closing share price on the Date of Grant; provided, however, that the right to exercise such option shall be, and is hereby, restricted as follows: (a) No shares may be purchased prior to March 31, 20202018. Subject to the terms of this Agreement, the 400,000 stock options shall vest in eight (8) equal quarterly installments, beginning on January 1, 2020, installments as follows: Vesting Date Percentage of Stock Options Vesting On March 31, 2020 2018 12.5% On June 30, 2020 2018 12.5% On September 30, 2020 2018 12.5% On December 31, 2020 2018 12.5% On March 31, 2021 2019 12.5% On June 30, 2021 2019 12.5% On September 30, 2021 2019 12.5% On December 31, 2021 2019 12.5% On or after December 31, 20212019, during the term hereof, Optionee will have become entitled to purchase the entire number of shares (400,000 shares) to which this option relates. (b) In no event may this option or any part thereof be exercised after the expiration of five ten (510) years from the Date of Grant, which shall be the term of the option. (c) The purchase price of the shares subject to the option may be paid for (i) in cash, (ii) in the discretion of the BoardBoard of Directors or the Compensation Committee, by tender of shares of Common Stock already owned by Optionee, or (iii) in the discretion of the BoardBoard of Directors or the Compensation Committee, by such other method as the Board of Directors or the Compensation Committee may determine. (d) The option may not be exercised for a fraction of a share. (e) The option may not be exercised if Optionee is no longer employed by the Company subject to the provisions of section 4 of this Agreement. (f) The option may not be exercised if shareholder approval is not received and may not be exercised prior to the registration of the shares being offered under the Agreement, which registration shall be filed by the Company with the United States Securities and Exchange Commission following the Company’s next annual shareholder meetingreceived. (g) The Board or the Committee shall also determine the methods by which shares of stock shall be delivered or deemed to be delivered to Optionee.