Common use of Equity Bonus Clause in Contracts

Equity Bonus. The Executive will receive, upon execution of this Agreement and approval by the Board of Directors, a one-time grant of 3,500 restricted stock units as a sign-on bonus. Such restricted stock units will become fully vested on the first (1st) anniversary of the grant date, provided the Executive remains continuously employed by the Employer during such one-year period commencing on the Effective Date, and will be subject to such other terms and conditions as may be provided in the restricted stock unit award agreement and the incentive plan maintained by the Employer pursuant to which the Compensation Committee grants the restricted stock units. The actual grant date will be established by the Compensation Committee when the Compensation Committee awards the restricted stock units in accordance with the Employer’s current policy for granting such awards.