Common use of Performance Options Clause in Contracts

Performance Options. In addition to the Time Vested Options, Executive shall also be entitled to receive a grant of stock options (“Performance Options” and collectively with the Time Vested Options and any previously issued options to the Executive the “Options”) to purchase Shares under the Plan. For calendar year 2019, the Performance Options shall have an Option Value equal to Four Hundred Thousand Dollars and No Cents ($400,000.00) per annum and thereafter shall be in such amount as shall be determined by the Company Compensation Committee, in its sole discretion, but in an amount not less than the Option Value of the Performance Options granted during calendar year 2019. Executive acknowledges that the options to purchase 123,904 Common Shares on August 6, 2019 reflect the Performance Option grants for calendar year 2019. The Company shall have reasonable discretion to cancel all, some, or none of the Performance Options depending on whether the Company or Executive has met the annual performance objectives (the “Performance Objectives”) as established annually by the Company and provided in writing to Executive. The exercise price of the Performance Options shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement. The Company shall notify Executive within 30 days of the end of the calendar year regarding the amount, if any, of Executive’s Performance Options for that year that have been earned and no Performance Options, whether vested or not, shall be exercisable until the Company has determined whether the Performance Objectives have been met.

Performance Options. In addition to the Time Time-Vested Options, Executive shall also be entitled to receive a grant of stock options (“Performance Options” and collectively with the Time Vested Options and any previously issued options to the Executive Executive, the “Options”) to purchase Shares under the Plan. For calendar year 2019, the Performance Options shall have an Option Value equal to Four Hundred Thousand five hundred thirty three thousand three hundred and thirty three Dollars and No Cents ($400,000.00533,333.00) per annum and thereafter shall be in such amount as shall be determined by the Company Holdings Compensation Committee, in its sole discretion, but in an amount not less than the Option Value of the Performance Options granted during calendar year 2019. Executive acknowledges that the options to purchase 123,904 165,205 Common Shares on August 66th, 2019 reflect the Performance Option grants for calendar year 2019. The Company shall have reasonable discretion to cancel all, some, or none of the Performance Options depending on whether the Company or Executive has met the annual performance objectives (the “Performance Objectives”) as established annually by the Company and provided in writing to Executive. The exercise price of the Performance Options shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement. The Company shall notify Executive within 30 days of the end of the calendar year regarding the amount, if any, of Executive’s Performance Options for that year that have been earned and no Performance Options, whether vested or not, shall be exercisable until the Company has determined whether the Performance Objectives have been met.

Performance Options. In addition to the Time Time-Vested Options, Executive shall also be entitled to receive a grant of stock options (“Performance Options” and collectively with the Time Vested Options and any previously issued options to the Executive Executive, the “Options”) to purchase Shares under the Plan. For calendar year 2019, the Performance Options shall have an Option Value equal to Four Hundred Thousand four hundred thousand Dollars and No Cents ($400,000.00) per annum and thereafter shall be in such amount as shall be determined by the Company Holdings Compensation Committee, in its sole discretion, but in an amount not less than the Option Value of the Performance Options granted during calendar year 2019. Executive acknowledges that the options to purchase 123,904 123,906 Common Shares on August 66th, 2019 reflect the Performance Option grants for calendar year 2019. The Company shall have reasonable discretion to cancel all, some, or none of the Performance Options depending on whether the Company or Executive has met the annual performance objectives (the “Performance Objectives”) as established annually by the Company and provided in writing to Executive. The exercise price of the Performance Options shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement. The Company shall notify Executive within 30 days of the end of the calendar year regarding the amount, if any, of Executive’s Performance Options for that year that have been earned and no Performance Options, whether vested or not, shall be exercisable until the Company has determined whether the Performance Objectives have been met.

Performance Options. In addition to the Time Time-Vested Options, Executive shall also be entitled to receive a grant of stock options (“Performance Options” and collectively with the Time Vested Options and any previously issued options to the Executive Executive, the “Options”) to purchase Shares under the Plan. For calendar year 2019, the Performance Options shall have an Option Value value equal to Four Hundred Thousand five hundred thirty three thousand three hundred and thirty three Dollars and No Cents ($400,000.00533,333.00) per annum and thereafter shall be in such amount as shall be determined by the Company Holdings Compensation Committee, in its sole discretion, but in an amount not less than the Option Value of the Performance Options granted during calendar year 2019. Executive acknowledges that the options to purchase 123,904 165,205 Common Shares on August 6, 2019 reflect the Performance Option grants for calendar year 2019. The Company shall have reasonable discretion to cancel all, some, or none of the Performance Options depending on whether the Company or Executive has met the annual performance objectives (the “Performance Objectives”) as established annually by the Company and provided in writing to Executive. The exercise price of the Performance Options shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement. The Company shall notify Executive within 30 days of the end of the calendar year regarding the amount, if any, of Executive’s Performance Options for that year that have been earned and no Performance Options, whether vested or not, shall be exercisable until the Company has determined whether the Performance Objectives have been met.