February 22, 2005
Exhibit 10.24
February 22, 2005
Xxxx X. Xxx
000 Xxxxxxxxx Xxxxxx
Richmond, VA 22222
Dear Xxxx:
You have been granted a nonqualified stock option to purchase 1,000 shares of Common Stock of the Company, subject to the terms and conditions (i) in the Company’s 2000 Stock Incentive Plan, as amended from time to time (the “Plan”), and (ii) as set forth in Exhibit A, attached hereto and made a part hereof (together, with this letter, the “Agreement”), as follows:
| Date of Agreement/Xxxxx: | February 7, 2005 |
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| Exercise Price Per Share: | $33.06 |
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| Total Exercise Price: | $33,060.00 |
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| Expiration Date: | 2/7/2012 |
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| Vesting Schedule: | 25% per year for 4 years |
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| 1,500 on 02/07/2006 |
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| 1,500 on 02/07/2007 |
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| 1,500 on 02/07/2008 |
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| 1,500 on 02/07/2009 |
Please indicate your acceptance by executing two (2) original copies of this Agreement and returning one (1) copy by U.S. Mail to Xxxxx Xxxxx.
| Very truly yours, |
| Xxxxxx X. Xxxxxxx, III |
| Chairman and Chief Executive Officer |
By my signature below, I hereby acknowledge my Consent to Electronic Delivery, receipt of this Option, pursuant to all terms and conditions of the Plan, and electronic receipt of the Plan and Prospectus. I agree to conform to all of the terms and conditions of the Option and the Plan.
| Signature: |
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Date: |
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| Xxxx X. Xxx |
Note: If there are any discrepancies in the name or address shown above, please make the appropriate corrections on this form.
NONQUALIFIED STOCK OPTIONS
FOR NAMED EXECUTIVE OFFICERS
| GRANT DATE |
OPTIONS GRANTED | |||
| Xxxxxx X. Xxxxxxx, III |
2/7/05 | 50,000 | ||
| Xxxxxx X. Xxxxxxxx |
2/7/05 | 24,000 | ||
| Xxxxxxx X. Xxxxxx |
2/7/05 | 18,000 | ||
| Xxxx X. XxXxxxx |
2/7/05 | 14,500 | ||
| Xxxxxx Xxxxxx |
2/7/05 | 14,500 | ||
