EMPLOYEE STOCK INCENTIVE PLAN. (a) Executive shall be eligible to receive equity compensation awards under the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan (“SIP”) as determined by the Board of Directors of Vitesse or any duly authorized committee thereof (the “Board”) and consistent with his position as Chief Financial Officer. Vitesse and Executive further agree that Executive’s equity compensation position shall be reviewed not less than once per year from the Effective Date of this Agreement.
EMPLOYEE STOCK INCENTIVE PLAN. As of May 3, 2003, 337,400 shares of GBC Common Stock were subject to outstanding stock options under the GBC Bancorp Amended and Restated 1988 Stock Option Plan and zero shares of GBC Common Stock were reserved for future issuance under the GBC Bancorp Amended and Restated 1988 Stock Option Plan. As of the date hereof, 320,800 shares of GBC Common Stock were subject to outstanding Contingency Stock Options. Except as set forth in this Section 3.5, as of the date of this Agreement, there are no shares of capital stock or other equity securities of GBC outstanding and no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, shares of the capital stock of GBC, or contracts, commitments, understandings or arrangements by which GBC is or may be bound to issue additional shares of its capital stock or options, warrants or rights to purchase or acquire any additional shares of its capital stock. There are no outstanding phantom stock rights or awards.
EMPLOYEE STOCK INCENTIVE PLAN. Executive shall be eligible to receive options under the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan ("SIP") as determined by the Compensation Committee of the Board of Directors of Vitesse (the "Board") and consistent with his position as Chief Executive Officer.
EMPLOYEE STOCK INCENTIVE PLAN. Executive shall be eligible to receive equity compensation awards under the Vitesse Semiconductor Corporation 2013 Incentive Plan and any subsequent approved plan ("2013 Incentive Plan") as determined by the Board of Directors of Vitesse or any duly authorized committee thereof (the "Board") and consistent with his position as CFO. Vitesse and Executive further agree that Executive’s equity compensation position shall be reviewed not less than once per year from the Effective Date of this Agreement.
EMPLOYEE STOCK INCENTIVE PLAN. The Executive shall be entitled to participate in the Company's 1989 Employee Stock Incentive Plan (the "Stock Incentive Plan") (a copy of which is attached hereto as Exhibit B) and, pursuant to and in accordance with the terms and conditions of the Stock Incentive Plan, the Company shall grant to the Executive the awards described below:
EMPLOYEE STOCK INCENTIVE PLAN. Executive shall be eligible to receive equity compensation grants under the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan (“SIP”) or any successor equity compensation program approved by the Board, with the amount of any such compensation to be determined by the Board and consistent with his position as Chief Executive Officer. Concurrent with the execution of this Agreement, a grant of 1,800,000 options (“Option”) and 1,800,000 restricted stock units (“RSU”) is being made under the Vitesse Amended and Restated 2001 Stock Incentive Plan. The terms and conditions of the Option and RSU grant shall be as set forth in Vitesse’s Amended and Restated 2001 Stock Incentive Plan and the grant documents and agreements associated therewith.
EMPLOYEE STOCK INCENTIVE PLAN. On the Effective Date, the Company shall grant Executive, on the terms and conditions set forth in the Incentive Stock Option Agreement attached hereto as Exhibit B and generally described herein, the right and option to purchase, in whole or in part, 78,200 shares of the Company’s common stock at the option exercise price as defined in the Incentive Stock Option agreement in effect on the grant date, which will be the Effective Date of this Agreement and which will vest ratably over a four (4) year period. Additionally, at least annually for the Term of this Agreement, Executive shall be eligible for consideration to receive restricted stock grants, incentive stock options or other awards in accordance with the Amended and Restated 2006 Stock Incentive Plan. Recommendations concerning the decision to make an award pursuant to that Plan and the amount of any award are entirely discretionary and shall be made initially by the Compensation Committee, subject to review and approval by the Board of Directors. In the event that, during the Term (i) the Company terminates Executive’s employment by not renewing this Agreement, without Cause or Executive resigns for Good Reason, in any of these cases on or after the Company is acquired or is the non-surviving party in a merger, or the Company sells all or substantially all of its assets, or (ii) there is the death of Executive, all unvested restricted stock awards and incentive stock options having previously been awarded to Executive shall immediately vest and may be exercised in accordance with the terms of the Plan and the Executive's grant award.
EMPLOYEE STOCK INCENTIVE PLAN. (a) Executive shall be eligible to receive equity compensation awards under the Vitesse Semiconductor Corporation 2010 Incentive Plan ("2010 Incentive Plan") as determined by the Board of Directors of Vitesse or any duly authorized committee thereof (the "Board") and consistent with his position as Chief Financial Officer. An initial grant, subject to Board approval, would consist of 100,000 shares of Vitesse stock, equally allocated between options and restricted stock units. Such options and restricted stock units will vest over two years in 24 (twenty-four) equal monthly amounts. Vitesse and Executive further agree that Executive's equity compensation position shall be reviewed not less than once per year from the Effective Date of this Agreement. Moreover, subject to approval from Vitesse's Compensation Committee, Executive may be eligible for evergreen grants pursuant to Vitesse's applicable policies and plan.
EMPLOYEE STOCK INCENTIVE PLAN. Executive shall be eligible to receive options under the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan ("SIP") as determined by the Compensation Committee of the Board of Directors of Vitesse (the "Board") and consistent with his position as Chief Financial Officer. Vitesse and Executive further agree that Executive's stock option position shall be reviewed not less than once per year from the Effective Date of this Agreement. Promptly following commencement of employment with the Company, Executive will receive an initial grant of an option to purchase 300,000 shares of the common stock of the Company. Such option shall be an Incentive Stock Option to the extent permitted by law, and the shares subject to such option shall vest over a four-year period, with the first one-quarter of the shares vesting upon the first anniversary of Executive’s employment, and the remainder vesting in three equal annual installments during the subsequent three years of Executive’s employment. The exercise price of Executive’s option grant will be equal to the fair market value as determined by the Vitesse Board of Directors on the date of grant. At Executive’s election, Executive may immediately exercise all of Executive’s options under a Section 83b Election, subject to a right of repurchase in favor of the Company; and such right of repurchase will expire in accordance with the stated vesting schedule.
EMPLOYEE STOCK INCENTIVE PLAN. Effective as of the Closing Date, the parties shall have agreed on a conversion of the issued and outstanding options under Target Company’s Employee Stock Incentive Plan, as listed on Section 3.4(c) of the Disclosure Schedules (the “Target Company Options”), into stock options for Holdings common stock consistent with the rules of Section 424 of the Internal Revenue Code of 1986, as amended, with terms that remain otherwise unchanged, or shall have agreed on a treatment of the Target Company Options that preserves their intrinsic value and provides sufficient liquidity to the option holders for purposes of all tax liabilities.
