Common use of Additional Incentive Clause in Contracts

Additional Incentive. (a) The Compensation Committee of the Board has granted to Executive an option to purchase 20,000 shares of the Company’s common stock (the “Options”) pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”). The per share exercise price applicable to the Options will be equal to 100% of the Fair Market Value (as defined in the Plan) of a share of the Company’s common stock on the Commencement Date. The Options vest as follows: 10,000 Options on the first (1st) anniversary of the Commencement Date, and 10,000 Options on the second (2nd) anniversary of the Commencement Date, subject to earlier vesting as provided herein and in the Plan. The Options shall expire on the fifth anniversary of the Commencement Date. Upon the occurrence of a Change in Control (as defined below), the Options shall be deemed fully vested and exercisable. In the event of any conflict between the terms and provisions of this Section 5 and the Plan, the Plan shall govern. (b) For the purposes of this Agreement, “Change in Control” shall have the same meaning as in the Plan.

Appears in 1 contract

Sources: Employment Agreement (Empire Resorts Inc)

Additional Incentive. (a) The Compensation Committee of the Board has granted to Executive an option to purchase 20,000 150,000 shares of the Company’s common stock (the “Options”) pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”). The per share exercise price applicable to the Options will be equal to 100% of the Fair Market Value (as defined in the Plan) of a share of the Company’s common stock on the Commencement Date. The Options vest as follows: 10,000 50,000 Options on the first (1st) anniversary of the Commencement Date, and 10,000 50,000 Options on the second (2nd) anniversary of the Commencement Date and 50,00 Options on the third (3rd) anniversary of the Commencement Date, subject to earlier vesting as provided herein and in the Plan. The Options shall expire on the fifth anniversary of the Commencement Date. Upon the occurrence of a Change in Control (as defined below), the Options shall be deemed fully vested and exercisable. In the event of any conflict between the terms and provisions of this Section 5 and the Plan, the Plan shall govern. (b) For the purposes of this Agreement, “Change in Control” shall have the same meaning as in the Plan.

Appears in 1 contract

Sources: Employment Agreement (Empire Resorts Inc)