Common use of Stock Option Clause in Contracts

Stock Option. Upon execution of this Agreement the Independent Director shall be granted a 10-year option to purchase Twenty Thousand (20,000) shares of common stock of the Company, with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant of the option. Such option shall vest in equal installments on July 14, 2013, October 14, 2013, January 14, 2014 and April 14, 2014, as long as the Independent Director is serving as a member of the Board of Directors at each such time. Such award shall be made pursuant to the Company’s 2009 Omnibus Securities and Incentive Plan. The Independent Director’s rights in respect to any grant shall be determined solely by the Compensation Committee of the Company and are subject to execution by Independent Director of any applicable agreements as established and requested by the Company pursuant to the 2009 Omnibus Securities and Incentive Plan.

Stock Option. Upon execution of this Agreement the Independent Director shall be granted a 10-year option to purchase Twenty Thousand (20,000) shares of common stock of the Company, with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant of the option. Such option shall vest in equal installments on July 14August 31, 20132010, October 14November 30, 20132010, January 14February 28, 2014 2011 and April 14May 31, 20142011, as long as the Independent Director is serving as a member of the Board of Directors at each such time. Such award shall be made pursuant to the Company’s 2009 Omnibus Securities and Incentive Plan. The Independent Director’s rights in respect to any grant shall be determined solely by the Compensation Committee of the Company and are subject to execution by Independent Director of any applicable agreements as established and requested by the Company pursuant to the 2009 Omnibus Securities and Incentive Plan.

Stock Option. Upon execution of this Agreement the Independent Director shall be granted a 10-year option to purchase Twenty Thousand (20,000) shares of common stock of the Company, with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant of the option. Such option shall vest in equal installments on July 14, 20132011, October 14, 20132011, January 14, 2014 2012 and April 14, 20142012, as long as the Independent Director is serving as a member of the Board of Directors at each such time. Such award shall be made pursuant to the Company’s 2009 Omnibus Securities and Incentive Plan. The Independent Director’s rights in respect to any grant shall be determined solely by the Compensation Committee of the Company and are subject to execution by Independent Director of any applicable agreements as established and requested by the Company pursuant to the 2009 Omnibus Securities and Incentive Plan.