Common use of Management Equity Programs Clause in Contracts

Management Equity Programs. A. Pursuant to the 1997 Management Equity Program Award Agreement, dated October 11, 1996, and amended January 28, 1999 (the "1997 MEP AGREEMENT"), Executive received 135,035 options as a result of his election to restructure his compensation package by reducing his fiscal year 1997, 1998, and 1999 compensation. As of the Separation Date, Executive will not have any vested options. In accordance with the terms of the 1997 MEP Agreement, following the Separation Date, Executive's options will continue to vest under the vesting schedule set forth on EXHIBIT E. B. Pursuant to the 1999 Management Equity Program Award Agreement dated April 22, 1999 (the "1999 MEP AGREEMENT"), Executive received 32,681 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 will have 5,447 options. Following the Separation Date, Executive's options will continue to vest under the vesting schedule set forth on EXHIBIT E.

Management Equity Programs. A. Pursuant to the 1997 Management Equity Program Award Agreement, dated October 11November 4, 1996, and as amended January 28, 1999 (the "1997 MEP AGREEMENTAgreement"), Executive received 135,035 had the right to receive 59,574 options as a result of his election to restructure his compensation package by reducing his fiscal year 1997, 1998, and 1999 compensation. As of the Separation Date, Executive will not have any vested options. In accordance with the terms of the 1997 MEP Agreement, following as of the Separation Date, Executive's Executive has obtained 59,574 vested options under the 1997 MEP Agreement by reducing his compensation. Following the Separation Date, these options will continue to vest under in accordance with the vesting schedule set forth on EXHIBIT E.terms of the 1997 MEP Agreement. B. Pursuant to the 1999 Management Equity Program Award Agreement dated dated, April 2223, 1999 (the "1999 MEP AGREEMENTAgreement"), Executive received 32,681 had the right to receive up to 18,043 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 will have 5,447 optionshas obtained 14,284 options under the 1999 MEP Agreement by reducing his compensation ($20,979.16 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, Executive's these options will continue to vest under in accordance with the vesting schedule set forth on EXHIBIT E.terms of the 1999 MEP Agreement.

Management Equity Programs. A. Pursuant to the 1997 1994 Management Equity Program Award Agreement, dated October 11December 9, 19961993, and as amended January 28, 1999 (the "1997 1994 MEP AGREEMENTAgreement"), Executive received 135,035 104,698 options as a result of his election to restructure his compensation package by reducing his fiscal year 1997, 1998, and 1999 compensation. As of the Separation Date, Executive will not have any vested options. In accordance with the terms of the 1997 1994 MEP Agreement, following as of the Separation Date, Executive's 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 under in accordance with the vesting schedule set forth on EXHIBIT E.terms of the 1994 MEP Agreement. B. Pursuant to the 1999 Management Equity Program Award Agreement Agreement, dated April 227, 1999 (the "1999 MEP AGREEMENTAgreement"), Executive received 32,681 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 will have 5,447 optionshas 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, Executive's these options will continue to vest under in accordance with the vesting schedule set forth on EXHIBIT E.terms of the 1999 MEP Agreement.