Common use of Stock Ownership Requirement Clause in Contracts

Stock Ownership Requirement. As part of its corporate governance initiatives, the Company has instituted stock ownership requirements for its executive officers and directors. Based on the current guidelines, Executive must hold an amount of the Company’s common stock equal to 100% of his Base Salary by May 27, 2013 (the fifth anniversary of Executive’s initial grant of restricted stock units on May 27, 2008). In addition, shares obtained through option exercises, vesting of restricted stock units and by participation in the Company’s Employee Stock Purchase Plan may be used to meet the above described ownership requirement. The Board reserves the right to change the stock ownership requirement in the future as it deems appropriate.

Stock Ownership Requirement. As part of its corporate governance initiatives, the Company has instituted stock ownership requirements for its executive officers and directors. Based on the current guidelines, Executive must hold an amount of the Company’s common stock equal to 100% of his Base Salary by May 27, 2013 (the fifth anniversary of Executive’s initial grant of restricted stock units on May 27, 2008)Salary. In addition, shares obtained through option exercises, vesting of restricted stock units and by participation in the Company’s Employee Stock Purchase Plan may be used to meet the above described ownership requirement. Currently, 50% of unvested restricted stock units also may be used to meet such ownership requirement. The Board reserves the right to change the stock ownership requirement in the future as it deems appropriate.