Common use of Equity Incentive Programs Clause in Contracts

Equity Incentive Programs. The Company agrees that, on or promptly after the date of this Agreement, the Employee shall be granted stock options under the Company’s 2005 Stock Option and Incentive Plan exercisable for the purchase of 1,097,652 shares of the Company’s Common Stock at an exercise price equal to the fair market value per share of the Company’s Common Stock, as determined by the Board, which shall vest in 48 monthly installments on the last day of each calendar month beginning November 30, 2012 and continuing through October 31, 2016, with such vesting to accelerate upon a change of control of the Company. The Employee shall also be eligible to participate in other equity incentive programs established by the Company from time to time to provide stock options and other equity-based incentives to key employees of the Company in accordance with the terms of those programs. All stock options and restricted stock awards granted to the Employee shall vest in full upon a change of control of the Company (as defined in the stock option agreements covering such grants).