Common use of Long-term Incentive Compensation Programs Clause in Contracts

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 shares of common stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 17,500 shares of common stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 70,000 shares of common stock Common Stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 15,000 shares of common stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 25,000 shares of common stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.

Long-term Incentive Compensation Programs. (a) The Executive shall be eligible to participate in the Company's 1997 Stock Award and Stock Option Plan (the "1997 Plan") or such other successor plan applicable to senior-level executives. (b) On the Effective Date, the Company shall grant the Executive an award of 27,500 32,500 shares of common stock of the Company under the 1997 Plan (the "1997 Stock Award"). Subject to the terms and conditions of the 1997 Plan, the 1997 Stock Award shall vest as set forth below: (1) 20 percent of the 1997 Stock Award shall be transferable on, and remain transferable after, the date of grant; (2) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the first anniversary of the date of grant; and (3) 40 percent of the 1997 Stock Award shall become transferable on, and remain transferable after, the day which precedes the second anniversary of the date of grant. (c) The Company shall loan the Executive an amount equal to the aggregate federal, state and local income taxes (based on the highest marginal tax rates in effect on the date of the loan) incurred by the Executive due to (i) a portion of the 1997 Stock Award becoming transferable or (ii) the Executive making an election under Code Section 83(b) with respect to the 1997 Stock Award. The loan shall be made at or, at the Executive's election, prior to the date the Executive is obligated to pay any federal, state or local income tax due to such portion of the 1997 Stock Award becoming transferable or the Executive making such election under Code Section 83(b). The loan's interest rate shall be equal to the short-term applicable federal rate compounded annually in effect on the date of the loan as published by the Internal Revenue Service. The Executive shall pay to the Company in a lump sum the principal and all accrued interest with respect to such loan on the day which precedes the third anniversary of the date of the loan, or, at the Executives's election, on any date which precedes the third anniversary of the date of the loan.