Common use of Stock Options and Related Incentive Plans Clause in Contracts

Stock Options and Related Incentive Plans. During each calendar year of the Term, the Company shall grant the Executive an award consisting of restricted stock and/or stock options (both with reference to Company common stock) with an aggregate fair market value on the date of grant equal to Three Hundred Thousand Dollars ($300,000) (as reasonably determined by the Company) and such award shall be granted under the Company’s equity incentive plan existing at the time of any such grant (or a newly-adopted plan if no plan has sufficient authorized shares to accommodate the award). The Company may grant the Executive additional stock awards for shares of the Company’s common stock in such amounts and terms (including performance-based terms) as the Board (or designated committee therefore) deems appropriate, with the aggregate value of such grants expected not to exceed Four Hundred and Twenty Five Thousand Dollars ($425,000) for the first year. In addition to the foregoing, the Executive shall be eligible to participate in the Company’s existing incentive programs and any additional or successor incentive plan or plans. Any grants made to the Executive pursuant to such plans shall provide for an expiration date consistent with the provisions of such plans; provided, however, that in no event shall any option remain exercisable beyond its stated expiration date.

Stock Options and Related Incentive Plans. During each calendar year of the Term, the Company shall grant the Executive an award consisting of restricted stock and/or stock options (both with reference to Company common stock) with an aggregate fair market value on the date of grant equal to Three One Hundred and Fifty Thousand Dollars ($300,000150,000) (as reasonably determined by the Company) and such award shall be granted under the Company’s equity incentive plan existing at the time of any such grant (or a newly-adopted plan if no plan has sufficient authorized shares to accommodate the award). The Company may grant the Executive additional stock awards for shares of the Company’s common stock in such amounts and terms (including performance-based terms) as the Board (or designated committee therefore) deems appropriate, with the aggregate value of such grants expected not to exceed Four Two Hundred and Twenty Five Thousand Dollars ($425,000200,000) for the first year. In addition to the foregoing, the Executive shall be eligible to participate in the Company’s existing incentive programs and any additional or successor incentive plan or plans. Any grants made to the Executive pursuant to such plans shall provide for an expiration date consistent with the provisions of such plans; provided, however, that in no event shall any option remain exercisable beyond its stated expiration date.

Stock Options and Related Incentive Plans. During each calendar year of the Term, the Company shall grant the Executive an award consisting of restricted stock and/or stock options (both with reference to Company common stock) with an aggregate fair market value on the date of grant equal to Three One Hundred Thousand Dollars ($300,000100,000) (as reasonably determined by the Company) and such award shall be granted under the Company’s equity incentive plan existing at the time of any such grant (or a newly-adopted plan if no plan has sufficient authorized shares to accommodate the award). The Company may grant the Executive additional stock awards for shares of the Company’s common stock in such amounts and terms (including performance-based terms) as the Board (or designated committee therefore) deems appropriate, with the aggregate value of such grants expected not to exceed Four One Hundred and Twenty Five Fifty Thousand Dollars ($425,000150,000) for the first year. In addition to the foregoing, the Executive shall be eligible to participate in the Company’s existing incentive programs and any additional or successor incentive plan or plans. Any grants made to the Executive pursuant to such plans shall provide for an expiration date consistent with the provisions of such plans; provided, however, that in no event shall any option remain exercisable beyond its stated expiration date.

Stock Options and Related Incentive Plans. During each calendar year of the Term, the Company shall grant the Executive an award consisting of restricted stock and/or stock options (both with reference to Company common stock) with an aggregate fair market value on the date of grant equal to Three Hundred Thousand Dollars (at least $300,000) 65,000 (as reasonably determined by the Company) and may, at the discretion of the Chief Executive Officer, grant the Executive additional stock awards with an aggregate fair market value on the date of grant of up to $270,000 in such award amounts and subject to such terms (including performance-based terms) that the Chief Executive Officer deems appropriate. Such awards shall be granted under the Company’s equity incentive plan existing at the time of any such grant (or a newly-adopted plan if no plan has sufficient authorized shares to accommodate the award)grant. The Company may grant the Executive additional stock awards for shares of the Company’s common stock in such amounts and terms (including performance-based terms) as the Board (or designated committee therefore) deems appropriate, with the aggregate value of such grants expected not to exceed Four Hundred and Twenty Five Thousand Dollars ($425,000) 260,000 for the first year. In addition to the foregoing, the Executive shall be eligible to participate in the Company’s existing incentive programs and any additional or successor incentive plan or plans. Any grants made to the Executive pursuant to such plans shall provide for an expiration date consistent with the provisions of such plans; provided, however, that in no event shall any option remain exercisable beyond its stated expiration date.”