Common use of Equity Plans or Programs Clause in Contracts

Equity Plans or Programs. During the CEO Term, Executive may be eligible to participate in stock option, phantom stock, restricted stock or other similar equity incentive plans or programs which the Company may establish from time to time. The terms of any such plans or programs, and Executive’s eligibility to participate in them, shall be established by the Board at its sole discretion. Executive acknowledges and agrees that the Company may amend, modify or terminate any of such plans or programs at any time at its discretion. Further, for unvested equity incentive awards granted to Executive prior to the date of this Agreement, any provisions in the award agreements which provide for accelerated or continued vesting upon certain terminations of employment (other than in the event of Executive’s death or disability), if any, shall be disregarded and the Parties agree that this Section 2.3 shall constitute an amendment to such award agreements deleting such provisions as of the date of this Agreement, specifically in those award agreements listed in Exhibit B-1 attached hereto.