Management Options Grant. The Company hereby grants to Executive, pursuant to the Plan, Management Options to purchase an aggregate of 100,781 shares of Class B Common ("Management Option Shares"). Tranche 1 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $8.93 per share (the "Tranche 1 Exercise Price"); Tranche 2 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $10.68 per share (the "Tranche 2 Exercise Price"); Tranche 3 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $12.43 per share (the "Tranche 3 Exercise Price"); Tranche 4 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $14.18 per share (the "Tranche 4 Exercise Price"); and Tranche 5 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $15.89 per share (the "Tranche 5 Exercise Price"). The Tranche 1 Exercise Price, the Tranche 2 Exercise Price, the Tranche 3 Exercise Price, the Tranche 4 Exercise Price, and the Tranche 5 Exercise Price are collectively referred to herein as "Management Option Prices" and individually as a "Management Option Price". With respect to each Tranche, the Management Option Price and the number of Management Option Shares will be equitably adjusted for any stock split, stock dividend, reclassification or recapitalization of the Company which occurs subsequent to the date of this Agreement. The Management Options will be immediately exercisable and, subject to earlier expiration as provided in subsection 2(b) below, will expire on the Expiration Date. Each Tranche may be exercised separately; provided that each Tranche may only be exercised in whole and not in part. The Management Options are not intended to be "incentive stock options" within the meaning of Section 422A of the Code.
Management Options Grant. The Company hereby grants to ------------------------ Executive, pursuant to the Plan, Management Options to purchase an aggregate of 100,781 shares of Class A Common ("Management Option Shares"). Tranche 1 will ------------------------ consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $8.93 per share (the "Tranche 1 Exercise Price"); Tranch 2 ------------------------ will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $10.68 per share (the "Tranche 2 Exercise Price"); ------------------------ Tranche 3 will consist of Management Options to purchase 20,156.2 Management Option Shares at an exercise price of $12.43 per share (the "Tranche 3 Exercise ------------------ Price"); Tranche 4 will consist of Management Options to purchase 20,156.2 ----- Management Option Shares at an exercise price of $14.18 per share (the "Tranche ------- 4 Exercise Price"); and Tranche 5 will consist of Management Options to purchase ---------------- 20,156.2 Management Option Shares at an exercise price of $15.89 per share (the "Tranche 5 Exercise Price"). The Tranche 1
Management Options Grant. The Company hereby grants to Executive, pursuant to the Plan, Management Options to purchase an aggregate of ________ shares of Class B Common ("Management Option Shares"). Tranche 1 will consist of Management Options to purchase __________ Management Option Shares at an exercise price of $_____ per share (the "Tranche 1 Exercise Price"); Tranche 2 will consist of Management Options to purchase __________ Management Option Shares at an exercise price of $_____ per share (the "Tranche 2 Exercise Price"); Tranche 3 will consist of Management Options to purchase ________ Management Option Shares at an exercise price of $_____ per share (the "Tranche 3 Exercise Price"); Tranche 4 will consist of Management Options to purchase __________ Management Option Shares at an exercise price of $_____ per share (the "Tranche 4 Exercise Price"); and Tranche 5 will consist of Management Options to purchase _________ Management Option Shares at an exercise price of $_____ per share (the "Tranche 5 Exercise Price"). The Tranche 1 Exercise Price, the Tranche 2 Exercise Price, the Tranche 3 Exercise Price, the Tranche 4 Exercise Price, and the Tranche 5 Exercise Price are collectively referred to herein as "Management Option Prices" and individually as a "Management Option Price". With respect to each Tranche, the Management Option Price and the number of Management Option Shares will be equitably adjusted for any stock split, stock dividend, reclassification or recapitalization of the Company which occurs subsequent to the date of this Agreement. The Management Options will be immediately exercisable and, subject to earlier expiration as provided in subsection 2(b) below, will expire on the Expiration Date. Each Tranche may be exercised separately; provided that each Tranche may only be exercised in whole and not in part. The Management Options are not intended to be "incentive stock options" within the meaning of Section 422A of the Code. Expiration Upon Termination of Employment. Any Management Options which have not been exercised prior to the Termination Date will expire on the earlier of (i) 90 days after the Termination Date and (ii) the Expiration Date and may not be exercised thereafter under any circumstance.
