Management Equity Programs Sample Clauses

Management Equity Programs. Pursuant to the 1994 Management Equity Program Award Agreement dated December 9, 1993 (the "1994 MEP Agreement"), Executive received 125,638 options as a result of his election to restructure his compensation package by reducing his fiscal year 1994, 1995, and 1996 compensation. In accordance with the terms of the 1994 MEP Agreement, on the Separation Date, Executive will have 83,760 vested options. Following the Separation Date, Executive's options will continue to vest under the vesting schedule set forth in Section 6 of the 1994 MEP Agreement.

Management Equity Programs. A. Pursuant to the 1994 Management Equity Program Award Agreement, dated December 9, 1993, as amended (the "1994 MEP Agreement"), Executive received 104,698 options as a result of his election to restructure his compensation package by reducing his compensation. In accordance with the terms of the 1994 MEP Agreement, as of the Separation Date, Executive has obtained 104,698 options under the 1994 MEP Agreement by reducing his compensation. Following the Separation Date, these options will continue to vest in accordance with the terms of the 1994 MEP Agreement. B. Pursuant to the 1999 Management Equity Program Award Agreement, dated April 7, 1999 (the "1999 MEP Agreement"), Executive had the right to receive up to 57,873 options as a result of his election to waive a portion of his salary during the period from May 1, 1999 through May 1, 2000. In accordance with the terms of the 1999 MEP Agreement, on the Separation Date, Executive has obtained 45,816 options under the 1994 MEP Agreement by reducing his compensation ($67,291.73 waived through February 15, 2000 divided by $5.875 (common stock closing price on April 23, 1999) multiplied by 4 (the leverage factor)). Following the Separation Date, these options will continue to vest in accordance with the terms of the 1999 MEP Agreement.