Annual Option Grants. Executive shall be eligible to participate in and receive annual grants of options under the Option Plan. Any such annual grants shall be awarded at the Company’s discretion based on the Committee’s evaluation of performance and Peer Group compensation practices, taking into account Company and individual performance objectives. The Company shall provide an equity pool (the “Equity Pool”) equal to sixteen percent (16%) of the total outstanding equity of the Company, which shall be calculated in the same manner as the Sign On Option Grant and which shall consist of (i) the Sign On Option Grant, (ii) the “Sign On Option Grant” to be issued to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, as such term is defined in the Executive Employment Agreement between the Company and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, and (iii) any options granted on or following the Effective Date to officers, management and consultants of the Company. In order to effectuate the creation of the Equity Pool, the Company shall take all reasonable and necessary steps to amend the Option Plan, including obtaining any requisite shareholder approval, to increase the number of Shares available for grant under the Option Plan such that six percent (6%) of the total outstanding equity of the Company, which shall be calculated in the same manner as the Sign On Option Grant, shall be reserved for grant, on or following the Effective Date, to officers, management and consultants of the Company. In its sole discretion, the Committee may grant additional options to Executive in future years.
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Annual Option Grants. Executive shall be eligible to participate in and receive annual grants of options under the Option Plan. Any such annual grants shall be awarded at the Company’s discretion based on the Committee’s evaluation of performance and Peer Group compensation practices, taking into account Company and individual performance objectives. The Company shall provide an equity pool (the “Equity Pool”) equal to sixteen percent (16%) of the total outstanding equity of the Company, which shall be calculated in the same manner as the Sign On Option Grant and which shall consist of (i) the Sign On Option Grant, (ii) the “Sign On Option Grant” to be issued to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, as such term is defined in the Executive Employment Agreement between the Company and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, and (iii) any options granted on or following the Effective Date to officers, management and consultants of the Company. In order to effectuate the creation of the Equity Pool, the Company shall take all reasonable and necessary steps to amend the Option Plan, including obtaining any requisite shareholder approval, to increase the number of Shares available for grant under the Option Plan such that six percent (6%) of the total outstanding equity of the Company, which shall be calculated in the same manner as the Sign On Option Grant, shall be reserved for grant, on or following the Effective Date, to officers, management and consultants of the Company. In its sole discretion, the Committee may grant additional options to Executive in future years.
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