Common use of Annual Equity Grant Clause in Contracts

Annual Equity Grant. Beginning with fiscal year 2007 and for each fiscal year thereafter during the Employment Period, Executive shall be eligible to receive additional equity-based compensation under the long term incentive plan of the Company in effect at the time of such award, the amount, terms and conditions of such award to be set by the Board at the time of grant. Such awards shall otherwise be governed by the terms and conditions set forth in the long term incentive plan of the Company as may be in effect at the time of such award and the corresponding award agreement and shall be made at such time as grants are made to other senior executives of the Company.