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

Long-term Incentive Compensation Programs. (a) The Company shall grant at the signing of this agreement to the Executive 2,375,000 performance-based restricted shares of the Company’s common stock and warrants that entitle the holder to purchase 2,500,000 shares of common stock at a price of $0.17 per share for a period of ten (10) years from the date of the options (the “Special Performance-Based Restricted Stock Grant”). The Parties agree that all compensation attributable to the Special Performance-Based Restricted Stock Grant shall be tax deductible under Code Section 162(m). Subject to Section 11 below, the [Missing Graphic Reference] Special Performance-Based Restricted Stock Grant shall vest 100% on the Executive’s 65th birthday, provided that he is still an employee of the Company on that date. The Special Performance-Based Restricted Stock Grant shall be subject to other terms and conditions as set forth by the Compensation Committee of the Board in a Special Performance-Based Restricted Stock Award Agreement. If the Company cannot grant all 2,375,000 shares due to the unavailability of such shares under the Company’s shareholder-approved equity compensation plans, then the Company shall grant the remaining un-granted shares under this Section 6(a) within 30 days of the date that the Company’s shareholders approve either (i) a new equity compensation plan or (ii) an amendment to the Company’s existing equity compensation plan that increases the number of available shares under such plan so that all of the remaining un-granted shares may be granted. (b) In addition to the Special Performance-Based Restricted Stock Grant, during the Term of Employment, the Executive shall be eligible to participate in the Company’s applicable long-term incentive compensation plan as maybe established and modified from time to time by the Board in its sole discretion commensurate with his titles and position, and shall be eligible to receive awards under that plan in such form and amounts, and subject to such conditions, as the Compensation Committee shall determine each year.

Long-term Incentive Compensation Programs. (a) The Company shall grant at the signing of this agreement to the Executive 2,375,000 375,000 performance-based restricted shares of the Company’s common stock and warrants that entitle the holder to purchase 2,500,000 shares of common stock at a price of $0.17 per share for a period of ten (10) years from the date of the options (the “Special Performance-Based Restricted Stock Grant”). The Parties agree that all compensation attributable to the Special Performance-Based Restricted Stock Grant shall be tax deductible under Code Section 162(m). Subject to Section 11 below, the [Missing Graphic Reference] Special Performance-Based Restricted Stock Grant shall vest 100% on the Executive’s 65th 60th birthday, provided that he is still an employee of the Company on that date. The Special Performance-Based Restricted Stock Grant shall be subject to other terms and conditions as set forth by the Compensation Committee of the Board in a Special Performance-Based Restricted Stock Award Agreement. If the Company cannot grant all 2,375,000 375,000 shares due to the unavailability of such shares under the Company’s shareholder-approved equity compensation plans, then the Company shall grant the remaining un-granted ungranted shares under this Section 6(a) within 30 days of the date that the Company’s shareholders approve either (i) a new equity compensation plan or (ii) an amendment to the Company’s existing equity compensation plan that increases the number of available shares under such plan so that all of the remaining un-granted ungranted shares may be granted. (b) In addition to the Special Performance-Based Restricted Stock Grant, during the Term of Employment, the Executive shall be eligible to participate in the Company’s applicable long-term incentive compensation plan as maybe may be established and modified from time to time by the Board in its sole discretion commensurate with his titles and position, and shall be eligible to receive awards under that plan in such form and amounts, and subject to such conditions, as the Compensation Committee shall determine each year.

Long-term Incentive Compensation Programs. (a) The Company shall grant at the signing of this agreement to the Executive 2,375,000 performance-based restricted shares of the Company’s common stock and warrants that entitle the holder to purchase 2,500,000 shares of common stock at a price of $0.17 per share for a period of ten (10) years from the date of the options (the “Special Performance-Based Restricted Stock Grant”). The Parties agree that all compensation attributable to the Special Performance-Based Restricted Stock Grant shall be tax deductible under Code Section 162(m). Subject to Section 11 below, the [Missing Graphic Reference] Special Performance-Based Restricted Stock Grant shall vest 100% on the Executive’s 65th birthday, provided that he she is still an employee of the Company on that date. The Special Performance-Based Restricted Stock Grant shall be subject to other terms and conditions as set forth by the Compensation Committee of the Board in a Special Performance-Based Restricted Stock Award Agreement. If the Company cannot grant all 2,375,000 shares due to the unavailability of such shares under the Company’s shareholder-approved equity compensation plans, then the Company shall grant the remaining un-granted shares under this Section 6(a) within 30 days of the date that the Company’s shareholders approve either (i) a new equity compensation plan or (ii) an amendment to the Company’s existing equity compensation plan that increases the number of available shares under such plan so that all of the remaining un-granted shares may be granted. (b) In addition to the Special Performance-Based Restricted Stock Grant, during the Term of Employment, the Executive shall be eligible to participate in the Company’s applicable long-term incentive compensation plan as maybe established and modified from time to time by the Board in its sole discretion commensurate with his her titles and position, and shall be eligible to receive awards under that plan in such form and amounts, and subject to such conditions, as the Compensation Committee shall determine each year.

Long-term Incentive Compensation Programs. (a) The Company shall grant at the signing of this agreement to the Executive 2,375,000 375,000 performance-based restricted shares of the Company’s common stock and warrants that entitle the holder to purchase 2,500,000 shares of common stock at a price of $0.17 per share for a period of ten (10) years from the date of the options (the “Special Performance-Based Restricted Stock Grant”). The Parties agree that all compensation attributable to the Special Performance-Based Restricted Stock Grant shall be tax deductible under Code Section 162(m). Subject to Section 11 below, the [Missing Graphic Reference] Special Performance-Based Restricted Stock Grant shall vest 100% on the Executive’s 65th 80th birthday, provided that he is still an employee of the Company on that date. The Special Performance-Based Restricted Stock Grant shall be subject to other terms and conditions as set forth by the Compensation Committee of the Board in a Special Performance-Based Restricted Stock Award Agreement. If the Company cannot grant all 2,375,000 375,000 shares due to the unavailability of such shares under the Company’s shareholder-approved equity compensation plans, then the Company shall grant the remaining un-granted ungranted shares under this Section 6(a) within 30 days of the date that the Company’s shareholders approve either (i) a new equity compensation plan or (ii) an amendment to the Company’s existing equity compensation plan that increases the number of available shares under such plan so that all of the remaining un-granted ungranted shares may be granted. (b) In addition to the Special Performance-Based Restricted Stock Grant, during the Term of Employment, the Executive shall be eligible to participate in the Company’s applicable long-term incentive compensation plan as maybe established and modified from time to time by the Board in its sole discretion commensurate with his titles and position, and shall be eligible to receive awards under that plan in such form and amounts, and subject to such conditions, as the Compensation Committee shall determine each year.