2006 Grant Sample Clauses


2006 Grant. On or about the Effective Date, the Company shall award the Executive, pursuant to the terms of the 2004 LTIP, equity awards having an aggregate value of $2,500,000 (which amount will be pro rated based on the remaining number of months in the calendar year), payable 50% of value in restricted stock and 50% of value in stock options, with the value of stock options determined in accordance with the Black Scholes model (with variables determined by the Company consistent with other stock option grants during 2006 to other senior executives). The options shall have an exercise price equal to the Fair Market Value (as defined in the 2004 LTIP) on the date of grant, an eight (8) year option term and shall vest in accordance with the form of award agreement under the 2004 LTIP that has been provided to you.


2006 Grant. One-third of the 2006 Restricted Shares will vest on each of September 30, 2006, September 30, 2007 and September 30, 2008.