Common use of Long Term Stock Incentive Programs Clause in Contracts

Long Term Stock Incentive Programs. (a) Executive will receive options to purchase 304,000 shares of Common Stock of the Company, par value $0.01 per share, pursuant to the Amended and Restated 2005 Stock Incentive Plan. Such options shall be exercisable at a purchase price per share equal to the closing price of ▇▇▇▇▇*s Common Stock on the NASDAQ market on the business day prior to the date of this Agreement. The options shall vest in four (4) equal annual installments commencing with the one year anniversary of this Agreement and continuing on each of the next three (3) anniversaries of the date of this Agreement thereafter. These options shall expire ten years from the date of grant. (b) Subject to the terms and conditions of the Amended and Restated 2005 Stock Incentive Plan governing eligibility and participation, Executive shall be eligible to participate in and to receive stock incentive awards under the Amended and Restated 2005 Stock Incentive Plan and any successor plan based upon Compensation Committee approval and in accordance with Exhibit 6 attached hereto.

Long Term Stock Incentive Programs. (a) Executive will receive options to purchase 304,000 182,500 shares of Common Stock of the Company, par value $0.01 per share, pursuant to the Amended and Restated 2005 Stock Incentive Plan. Such options shall be exercisable at a purchase price per share equal to the closing price of ▇▇▇▇▇*s Common Stock on the NASDAQ market on the business day prior to the date of this Agreement. The options shall vest in four (4) equal annual installments commencing with the one year anniversary of this Agreement and continuing on each of the next three (3) anniversaries of the date of this Agreement thereafter. These options shall expire ten years from the date of grant. (b) Subject to the terms and conditions of the Amended and Restated 2005 Stock Incentive Plan governing eligibility and participation, Executive shall be eligible to participate in and to receive stock incentive awards under the Amended and Restated 2005 Stock Incentive Plan and any successor plan based upon Compensation Committee approval and in accordance with Exhibit 6 attached hereto.