Stock Options and Incentive Compensation. For each calendar year of employment during the Term, the Employee shall be eligible to participate in the Company’s Stock Option Plan (the “Option Plan”) and such other short or long term incentive plans as may be implemented by the Company from time to time, and the Employee shall be granted 2,000,000 Company stock options with an exercise price equal to the fair market value of the underlying stock on the date of grant. It has been agreed upon that the initial stock option grant will vest in 3 equal amounts over a time period of 3 years, they will expire 8 years after the grant date. Any stock options granted pursuant to this section shall be granted, vest, terminate and be exercisable on the terms set out in the form of the stock option agreement in use by the Company at the time of such grant and in accordance with the terms of the Company’s stock option plan for employees as it exists from time to time (the “Stock Option Plan”), and subject to necessary regulatory and Board approval. The terms and conditions of all such long term incentive plans are subject to modification from time to time by the Board or committee thereof, in its sole discretion.
Stock Options and Incentive Compensation. (a) Conopco shall be responsible and retain liability for and incur any and all costs of stock option compensation for all Employees who become Transferred Employees and who hold stock options from Conopco or any of its Affiliates awarded prior to the Closing Date, including payments, if any, that may be made to such Employees in Conopco’s sole discretion to settle such options rights, including those relating to “in-the-money” non-exercisable stock options as of the Closing Date. Conopco shall be responsible and retain liability for any payment obligations (including social security payments), withholding obligations and reporting obligations that arise before, on or after the Closing Date under any applicable stock option plan of Conopco or any of its Affiliates, whether that obligation arises in respect of an Employee or any other Person. Conopco covenants to pay the Buyer an amount equal to any amount payable
Stock Options and Incentive Compensation. 3.3.1 On November 22, 1995, Company granted to Executive an option (the "Stock Option") to purchase 60,000 shares of Company's common stock under the 1995 Stock Incentive Plan, which was approved by Company's board of directors on November 22, 1995. The grant of the Stock Option was conditioned upon the approval of the 1995 Stock Incentive Plan by Company's shareholders and to the execution of this Agreement. The Stock Option is governed by a separate stock option agreement.
Stock Options and Incentive Compensation
