Incentive Stock Option Plan. Executive shall be entitled to participate in the Company’s 2010 Long-Term Incentive Plan. Promptly following the execution of this Agreement, the Company shall take all actions necessary to issue to Executive a Restricted Stock award under the 2010 Long-Term Incentive Plan of 500,000 shares of the Company’s common stock, vesting 50,000 shares immediately; 50,000 shares on December 31, 2010; and 100,000 shares on December 31st of each of the following four (4) years. Notwithstanding the foregoing, if at any time prior to December 31, 2010, the price of the Company’s common stock closes above $0.20 per share for a period of thirty (30) consecutive trading days, then 50,000 of the shares scheduled to vest on December 31, 2010 will immediately vest. If, at any time prior to December 31, 2011, the price of the Company’s common stock closes above $0.35 per share for a period of thirty (30) consecutive trading days, then 100,000 of the shares scheduled to vest on December 31, 2011 will immediately vest. Except as provided below, such award shall immediately vest on the date of a Change in Control as defined in the Agreement. The Company agrees that its failure to obtain shareholder approval for the issuance of the Restricted Stock award described above within one year from the date hereof shall be a material breach of this Agreement. Any provision herein to the contrary notwithstanding, if acceleration of vesting of any stock option of award would otherwise result in imposition of an excise or penalty tax on Executive under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision thereto, the number of stock options and restricted stock awards as to which vesting is accelerated shall be reduced, pro rata to their relative value, to the extent necessary to avoid such excise or penalty tax, provided the value and amount of such reduction does not exceed the excise or penalty tax avoided. In applying this provision, the rules of Code Section 280G and the Treasury Regulations promulgated thereunder (including any Treasury Regulations providing for valuation of the acceleration of vesting of stock options and restricted stock) shall apply.
Incentive Stock Option Plan. The Employee shall be entitled to participate in the Bank’s parent’s incentive stock options plans in effect from time to time.
Incentive Stock Option Plan. 4.1 The Executive shall be entitled to participate in the Company's Stock Option ("ISO") plan in a manner equal to that of other senior executives.
Incentive Stock Option Plan. Westar agrees to vote in favor of the establishment of a management incentive stock option plan (the "Plan") pursuant to which options not to exceed 5% of the Common Stock outstanding on the date of adoption on a Fully Diluted Basis may be issued. The Plan will contain terms customary to such incentive stock option plans, including provisions governing change of control. Options granted under the Plan will vest one-fifth each year over a five-year period.
Incentive Stock Option Plan. Executive shall be entitled to participate in the Company’s 2010 Long-Term Incentive Plan. Promptly following the execution of this Agreement, the Company shall take all actions necessary to issue to Executive a Restricted Stock award under the 2011 Long-Term Incentive Plan of 5,000,000 shares of the Company’s common stock.
Incentive Stock Option Plan. The Parties agree that an incentive stock option plan, or other agreed to method, providing for reasonable incentive to management of Company that are directly involved in the Business would be beneficial to the Company, and agree to cooperate in good faith with a view towards establishing such a plan within ninety (90) days after the Closing Date on terms mutually agreed by the Parties.
Incentive Stock Option Plan. Employee shall be eligible to participate in the Young Broadcasting, Inc. 1995 Stock Option Plan, as amended from time to time ("Stock Option Plan"), in accordance with the terms and provisions of the Stock Option Plan, a copy of which is attached to this Agreement as Exhibit C and incorporated herein by reference. Employee's participation in the Stock Option Plan shall be evidenced by a separate agreement executed by Employee and the Company. Upon Employee's exercise of any option(s) or right(s) under the Stock Option Plan with respect to which any Federal, state or local income and employment tax withholding requirements exist, unless the Employee is eligible to and does satisfy the withholding requirements under an agreement (pursuant to Section 16 of the Stock Option Plan) whereby the Company may withhold shares of common stock purchased upon exercise to satisfy such requirements, Employee shall either (1) present evidence satisfactory to Company demonstrating that Employee has remitted to the Internal Revenue Service payment sufficient to satisfy the applicable tax withholding requirements, or (2) make payment to the Company in cash in an amount equal to the income and employment taxes required to be withheld, on the compensation includible in employee's income on account of his exercise of the options(s) or right(s).
Incentive Stock Option Plan. Executive shall be entitled to participate in the Company's 1998 Incentive Stock Option Plan. As of the Effective Date of this Agreement, the Company shall cause to be issued to Executive stock options (in addition to the stock options previously issued to Executive) to purchase 750,000 shares of the Company's common stock pursuant to the terms and conditions of the plan at an exercise price of $1.00 per share, vesting annually in equal amounts on December 31, 2001, 2002 and 2003 and with an exercise period of five (5) years from the date of grant of such options. However, if there is a Change in Control (as defined below), all such stock options shall become vested as of the date of such Change in Control.
Incentive Stock Option Plan. In the event that the Company adopts a Stock Option plan that permits the issuance of incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, Optionee shall be entitled to exchange the unexercised options granted hereunder for incentive stock options granted under such plan which shall be upon the same terms and conditions as are set forth herein, except for such changes thereto as are necessary to qualify them as incentive stock options or to permit their issuance under such plan.
Incentive Stock Option Plan. To the extent that the Options are exercisable, Employee acknowledges that the Options must be exercised in accordance with the terms of the Company’s Incentive Stock Option Plan (“ISO”).
