Common use of Equity Incentive Program Clause in Contracts

Equity Incentive Program. Beginning January 1, 2018, Employee shall be eligible in any calendar year for up to 1,250 common share options priced at the end of that year share price in each year (“Target Equity Bonus”). For purpose of this Section 1(b)(iii), the value of each common stock option shall be 100% of the stock option price. (For example, if the stock option price is $60.00, the value of an option for one share of common stock would be $60.00.) In no event shall the value of the Target Equity Bonus of stock options or equity awarded under the provision contained in this Agreement together exceed an amount of 50% of the then Base Salary in any such year. Any Target Equity Bonus must be approved by the Company’s Board of Directors, in their sole discretion. The terms of the Company’s Equity Incentive Plan will govern any employee stock options or equity granted.”

Equity Incentive Program. Beginning January 1, 2018, Employee shall be eligible in any calendar year for up to 1,250 2,000 common share options priced at the end of that year share price in each year (“Target Equity Bonus”). For purpose of this Section 1(b)(iii), the value of each common stock option shall be 100% of the stock option price. (For example, if the stock option price is $60.00, the value of an option for one share of common stock would be $60.00.) In no event shall the value of the Target Equity Bonus of stock options or equity awarded under the provision contained in this Agreement together exceed an amount of 50% of the then Base Salary in any such year. Any Target Equity Bonus must be approved by the Company’s Board of Directors, in their sole discretion. The terms of the Company’s Equity Incentive Plan will govern any employee stock options or equity granted.”