Equity Plans or Programs. On or about the first day of Executive’s employment, subject to the approval of the Compensation Committee of the Company’s Board, the Company shall issue to Executive under the Company’s 2004 Long Term Incentive Plan (the “Plan”) an initial equity grant having a fair market value equal to $1,200,000 (with the actual number of shares covered by such award to be determined based on the closing price per share of the Company’s common stock as reported by the NYSE on the date of grant), consisting of (i) deferred stock units having a fair market value equal to $360,000, which deferred stock units shall vest annually over a period of three (3) years in equal, pro rata installments and on the terms of the award agreement to be provided at the time of such award, (ii) stock options having a fair market equal to $360,000 on the date of grant, to vest annually over a period of three (3) years in equal, pro rata installments and on the terms of the stock option agreement to be provided at the time of such award and (iii) performance units having a fair market value equal to $480,000 on the date of grant, to vest on or about April 13, 2018 if certain performance criteria are met, on the terms of and as further described in the performance unit agreement to be provided at the time of such award. For purposes hereof, deferred stock units shall be valued at the closing price of the common stock of the Company on the date of grant, stock options shall be valued based on the Black ▇▇▇▇▇▇ method or such other method as shall be used by the Company to value stock option grants for purposes of reporting under the rules and regulations of the Securities and Exchange Commission and performance units shall be valued based on the Monte Carlo method or such other method as shall be used by the Company to value performance units for purposes of reporting under the rules and regulations of the Securities and Exchange Commission. In addition, annually at the time the Compensation Committee of the Board regularly approves grants of equity awards to executive officers but in any event no later than the last day of May of each year, the Company shall award Executive with grants of restricted stock, deferred stock units, performance units or stock options, or some combination thereof, under the Company’s 2004 Long Term Incentive Plan or a successor plan approved by the shareholders of the Company, in a manner and amount consistent with awards made to other executive officers of the Company and consistent, in relation thereto, with Executive’s position in the Company. Any awards of restricted stock, deferred stock units, performance units or stock options made pursuant hereto will be on terms substantially similar to the Company’s other senior executive officers generally and may include performance requirements.
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Equity Plans or Programs. On or about the first day of Executive’s employment, subject to the approval of the Compensation Committee of the Company’s Board, the Company shall issue to Executive under the Company’s 2004 Long Term Incentive Plan (the “Plan”) an initial equity grant (i) deferred stock units having a fair market value equal to $1,200,000 1,000,000 (with the actual number of shares covered by such award to deferred stock units be determined based on the closing price per share of the Company’s common stock as reported by the NYSE on the date of grant), consisting of (i) deferred stock units having a fair market value equal to $360,000, which deferred stock units shall vest annually over a period of three (3) 5 years in equal, pro rata installments and on the terms of the award agreement to be provided at the time of such award, award and (ii) stock options having a fair market equal to $360,000 250,000 on the date of grant, to vest annually over a period of three (3) 3 years in equal, pro rata installments and on the terms of the stock option agreement to be provided at the time of such award and (iii) performance units having a fair market value equal to $480,000 on the date of grant, to vest on or about April 13, 2018 if certain performance criteria are met, on the terms of and as further described in the performance unit agreement to be provided at the time of such award. For purposes hereof, deferred stock units shall be valued at the closing price of the common stock of the Company on the date of grant, grant and stock options shall be valued based on the Black ▇▇▇▇▇▇ method or such other method as shall be used by the Company to value stock option grants for purposes of reporting under the rules and regulations of the Securities and Exchange Commission and performance units shall be valued based on the Monte Carlo method or such other method as shall be used by the Company to value performance units for purposes of reporting under the rules and regulations of the Securities and Exchange Commission. In addition, annually at the time the Compensation Committee of the Board regularly approves grants of equity awards to executive officers but in any event no later than the last day of May of each year, the Company shall award Executive with grants of restricted stock, deferred stock units, performance units or stock options, or some combination thereof, under the Company’s 2004 Long Term Incentive Plan or a successor plan approved by the shareholders of the Company, in a manner and amount consistent with awards made to other executive officers of the Company and consistent, in relation thereto, with Executive’s position in the Company. Any awards of restricted stock, deferred stock units, performance units or stock options made pursuant hereto will be on terms substantially similar to the Company’s other senior executive officers Named Executive Officers generally and may include performance requirements.
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