Common use of Stock Option Program Clause in Contracts

Stock Option Program. You will be granted a non-qualified stock option(s) (“the Option”) to purchase an aggregate of 250,000 shares of the Company's common stock at an exercise price equal to the per share equivalent of the fair market value of the Company’s common stock on the date of grant as determined by the closing price of the Company’s common stock on NYSE MKT on the date of grant, or, if there is no such reported price on the date of grant, the closing price on the trading day on NYSE MKT first preceding the date of grant. The grant shall be made by the Board of Directors and the date of grant shall be set by the Board of Directors. Subject to the accelerated vesting provisions set forth herein, the Options shall vest as to one- fifth of the shares subject thereto one year from the grant date of such and shall vest ratably each year thereafter over the four (4) year period commencing on the first anniversary of the grant date of such Option, subject to Employee’s continued full-time employment by the Company on the relevant vesting dates. The Option shall be subject to the terms and conditions of the Company’s incentive stock plan and the Stock Option Agreement between Employee and the Company; provided, however, that notwithstanding the foregoing, in the event of a conflict between the terms and conditions of the Option and this offer letter, the terms and conditions of this offer letter shall prevail.

Stock Option Program. You will be granted a non-qualified stock option(s) (“the Option”) to purchase an aggregate of 250,000 shares of the Company's ’s common stock at an exercise price equal to the per share equivalent of the fair market value of the Company’s common stock on the date of grant as determined by the closing price of the Company’s common stock on NYSE MKT AMEX on the date of grant, or, if there is no such reported price on the date of grant, the closing price on the trading day on NYSE MKT AMEX first preceding the date of grant. The grant shall be made by the Board of Directors and the date of grant shall be set by the Board of Directors. Subject to the accelerated vesting provisions set forth herein, the Options shall vest as to one- fifth of the shares subject thereto one year from the grant date of such and shall vest ratably each year thereafter over the four (4) year period commencing on the first anniversary of the grant date of such Option, subject to Employee’s continued full-time employment by the Company on the relevant vesting dates. The Option shall be subject to the terms and conditions of the Company’s incentive stock plan and the Stock Option Agreement between Employee and the Company; provided, however, that notwithstanding the foregoing, in the event of a conflict between the terms and conditions of the Option and this offer letter, the terms and conditions of this offer letter shall prevail.