INCENTIVE OPTION COMPENSATION Clause Samples
INCENTIVE OPTION COMPENSATION. As a form of incentive compensation to Executive, the Company hereby grants to Executive an option to acquire from the Company, on an original issue basis, an aggregate of one hundred fifty (150,000) thousand fully paid and nonassessable shares of Common Stock at the several purchase prices designated below upon the achievement by the Company of the several corporate accomplishments (the "Milestones") listed below. Executive's right as set forth herein shall be available at any time on and after the date on which the first Milestone is achieved and so long as he is employed by the Company, but not later than 5:00 P.M. (New York time) May 31, 2005 (the "Expiration Date"), upon notice to the Company at its principal office at ▇▇▇▇▇-▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇, President and Chief Executive Officer (or at such other location as the Company may advise the Executive in writing). The notice shall be executed and delivered with the Purchase Form attached hereto duly filled in and signed and upon payment in cash or cashier's check of the aggregate Purchase price for the number of shares which Executive is acquiring determined in accordance with the provisions hereof.
5.1. For purposes of this paragraph:
INCENTIVE OPTION COMPENSATION. 5.1 As a form of incentive compensation to Executive, the Company hereby grants to Executive non-qualified stock options to acquire from the Company, on an original issue basis, an aggregate of one hundred fifty thousand (150,000) fully paid and non-assessable shares of Common Stock (the "Incentive Shares") at the exercise prices designated below upon the achievement by the Company of the several corporate accomplishments (the "Milestones") listed below.
5.2 For purposes of this paragraph:
INCENTIVE OPTION COMPENSATION. PSI agrees to make the Executive and the Executive agrees to become part of the EVA Plan presently in place for the employees of the Company and of PSI. Options will be granted pursuant to the Plan each year.