Future Options and Restricted Stock Plans Clause Samples

Future Options and Restricted Stock Plans. As further compensation, Employee shall be allowed to participate in any equity compensation plan that may be adopted in the future by the Board, or Compensation Committee if any, for the Company’s executives and/or employees. The amount of such grant and the terms of vesting shall be as determined by the Board, or Compensation Committee if any. Any stock options granted to Executive shall be “Incentive Stock Options” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), subject to the limitations of the Code. Any stock options which are not allowed to be incentive stock options under the Code shall be non-qualified stock options. Notwithstanding anything to the contrary in any stock option agreement or other agreement between the Company and the Executive: (i) the Executive shall have the right during the 90-day period following the date of termination of his employment pursuant to this Agreement for any reason (other than termination for Cause) to exercise any options to purchase shares of the Company’s common stock theretofore granted to the Executive, to the extent that such options were exercisable on the date of such termination, and (ii) all such options shall immediately vest and become exercisable upon a Change of Control (as hereinafter defined).