Common use of Stock Grant and Options Clause in Contracts

Stock Grant and Options. As a material inducement to Executive's entering into this Agreement, the Board has granted to the Executive on the Commencement Date, an award of 90,000 Restricted Stock Units, each such Unit representing the right to receive, subject to vesting, at the times provided for herein one share of the Common Stock of the Company (the "Restricted Stock Unit Award"). In addition, the Company shall pay to the Executive dividend equivalent amounts with respect to the Restricted Stock Units at the time and in the amount of any dividend distributions paid with respect to shares of Common Stock. The number of shares of Common Stock underlying vested Restricted Stock Units shall be delivered to the Executive upon the earlier of (i) the termination of Executive's employment for any reason and (ii) the third anniversary of the Commencement Date (provided that Executive shall be permitted to elect to defer delivery of all or a portion of such shares by written notice specifying a deferred delivery date(s) sent to the Company not later than the second anniversary of the Commencement Date (or such other dates as the Company and Executive shall determine)). The Restricted Stock Units, which shall be in addition to and not in lieu of any options that would otherwise be granted to Executive under any compensation program referred to in Section 3(b), shall vest as follows: 34,000 shares Commencement Date 28,000 shares February 1, 2000 28,000 shares February 1, 2001 or, if earlier, on the date of any termination without Cause (as hereinafter defined) or any termination by Executive for Good Reason (as defined in Section 6(b)) and shall otherwise be subject to Company's standard terms of grant.

Stock Grant and Options. As a material inducement to Executive's entering into this Agreement, the Board has granted to the Executive on the Commencement Date, an award of 90,000 Restricted Stock Units, each such Unit representing the right to receive, subject to vesting, at the times provided for herein one share of the Common Stock of the Company (the "Restricted Stock Unit Award"). In addition, the Company shall pay to the Executive dividend equivalent amounts with respect to the Restricted Stock Units at the time and in the amount of any dividend distributions paid with respect to shares of Common Stock. The number of shares of Common Stock underlying vested Restricted Stock Units shall be delivered to the Executive upon the earlier of (i) the termination of Executive's employment for any reason and (ii) the third anniversary of the Commencement Date (provided that Executive shall be permitted to elect to defer delivery of all or a portion of such shares by written notice specifying a deferred delivery date(s) sent to the Company not later than the second anniversary of the Commencement Date (or such other dates as the Company and Executive shall determine)). The Restricted Stock Units, which shall be in addition to and not in lieu of any options that would otherwise be granted to Executive Jeffries under any compensation program referred to in Section 3(b), shall xxxxx vest as follows: 34,000 shares Commencement Date 28,000 shares February 1, 2000 28,000 shares February 1, 2001 or, if earlier, on the date of any termination without Cause (as hereinafter defined) or any termination by Executive for Good Reason (as defined in Section 6(b)) and shall otherwise be subject to Company's standard terms of grant.