Common use of 2003 Stock Option and Incentive Plan Option Grants Clause in Contracts

2003 Stock Option and Incentive Plan Option Grants. The Company has established the 2003 Stock Option and Incentive Plan (the "Stock Option Plan"). On or prior to the closing of the 144A Offering, the Company shall grant the Executive an initial grant of options (the "Initial Grant Options") to purchase 480,000 shares of the Company's common stock, par value $.01 per share (the "Common Shares"). The Initial Grant Options will have an exercise price of $10.00 per share and a term of 10 years and will vest and become exercisable ratably over a period of five years from the date of the grant; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control, as defined herein; (ii) a termination by the Company without Cause, as defined herein; (iii) a termination by the Executive for Good Reason, as defined herein; (iv) his death; or (v) his becoming Permanently Disabled, as defined herein. The Executive will forfeit all unvested Initial Grant options if he is terminated for Cause or he terminates his employment hereunder for other than Good Reason. The Executive shall be eligible to receive future option grants as determined by the Compensation Committee.

2003 Stock Option and Incentive Plan Option Grants. The Company has established the 2003 Stock Option and Incentive Plan (the "Stock Option Plan"). On or prior Pursuant to the closing of the 144A OfferingOriginal Employment Agreement, the Company shall grant granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 480,000 shares of the Company's common stock, par value $.01 per share (the "Common Shares"). The Initial Grant Options will have an exercise price of $10.00 per share and a term of 10 years and will vest and become exercisable ratably over a period of five years from the date of the grant; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control, as defined herein; (ii) a termination by the Company without Cause, as defined herein; (iii) a termination by the Executive for Good Reason, as defined herein; (iv) his death; or (v) his becoming Permanently Disabled, as defined herein. The Executive will forfeit all unvested Initial Grant options if he is terminated for Cause or he terminates his employment hereunder for other than Good Reason. The Executive shall be eligible to receive future additional option grants as determined by the Compensation Committee.

2003 Stock Option and Incentive Plan Option Grants. The Company has established the 2003 Stock Option and Incentive Plan (the "Stock Option Plan"). On or prior to the closing of the 144A Offering, the Company shall grant the Executive an initial grant of options (the "Initial Grant Options") to purchase 480,000 90,000 shares of the Company's common stock, par value $.01 per share (the "Common Shares"). The Initial Grant Options will have an exercise price of $10.00 per share and a term of 10 years and will vest and become exercisable ratably over a period of five three years from the date of the grant; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control, as defined herein; (ii) a termination by the Company without Cause, as defined herein; (iii) a termination by the Executive for Good Reason, as defined herein; (iv) his death; or (v) his becoming Permanently Disabled, as defined herein. The Executive will forfeit all unvested Initial Grant options if he is terminated for Cause or he terminates his employment hereunder for other than Good Reason. The Executive shall be eligible to receive future option grants as determined by the Compensation Committee.

2003 Stock Option and Incentive Plan Option Grants. The Company has established the 2003 Stock Option and Incentive Plan (the "Stock Option Plan"). On or prior to the closing of the 144A Offering, the Company shall grant the Executive an initial grant of options (the "Initial Grant Options") to purchase 480,000 90,000 shares of the Company's common stock, par value $.01 per share (the "Common Shares"). The Initial Grant Options will have an exercise price of $10.00 per share and a term of 10 years and will vest and become exercisable ratably over a period of five three years from the date of the grant; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control, as defined herein; (ii) a termination by the Company without Cause, as defined herein; (iii) a termination by the Executive for Good Reason, as defined herein; (iv) his her death; or (v) his her becoming Permanently Disabled, as defined herein. The Executive will forfeit all unvested Initial Grant options if he she is terminated for Cause or he she terminates his her employment hereunder for other than Good Reason. The Executive shall be eligible to receive future option grants as determined by the Compensation Committee.