Common use of Parent Options Clause in Contracts

Parent Options. Subject and pursuant to the terms and conditions of the Parent's 2002 Stock Option and Stock Appreciation Rights Plan (the "Plan"), the Company agrees to promptly cause to be granted to the Executive the right and option (the "Parent Options") to purchase up to 50,000 shares of common stock of the Parent, par value $.01 per share ("Common Stock"), to be issued as provided in the Plan. All such Parent Options shall be Incentive Stock Options, as defined in Section 422A of the Internal Revenue Code of 1986 (the "Code"), to the extent permissible thereunder. Any Parent Options in excess of the limits of Section 422A of the Code shall be non-qualified stock options having a term of ten (10) years from the date of grant. All Parent Options shall be exercisable at a price equal to the Fair Market Value (as defined in the Plan) on October 1, 2004, the date of grant. Parent Options to purchase 16,666 shares of Common Stock shall vest on October 1, 2004; Parent Options to purchase 16,667 shares of Common Stock shall vest on October 1, 2005; and Parent Options to acquire the remaining 16,667 shares shall vest on October 1, 2006.