Premium Share Award Sample Clauses

Premium Share Award. Effective as of the date on which Executive completes the purchase of the Base Shares in accordance with Section 5(a) (the "Stock Award Date"), Executive shall be granted an award of shares of restricted Common Stock (the "Premium Shares") equal to the greatest number of whole shares of Common Stock determined by dividing $160,000 by the closing price per share on the Stock Award Date. The Premium Shares will vest in five equal installments on each of the first five anniversaries of the Stock Award Date, so long as Executive remains in the continuous employ of the Company or a subsidiary through each such date. Notwithstanding the immediately preceding sentence, if Executive's employment terminates due to his death or pursuant to a Termination due to Disability (as defined in Section 7(d) below), all unvested Premium Shares shall become fully vested as of the date of such termination. If Executive's employment with the Company terminates prior to the fifth anniversary of the Stock Award Date for any other reason, all unvested Premium Shares shall