Common use of Bonus and Stock Options Clause in Contracts

Bonus and Stock Options. Associate will receive an initial stock option agreement, incorporated herein by reference, which shall have a ten (10) year term, and which shall allow Associate to purchase up to 10,000 shares of ProxyMed common stock (the "Stock Options") at its fair market value defined as the price at which common stock is reported to have traded on the NASDAQ System at the close of business on the Effective Date. The options will vest over a three (3) year period as follows: 1/3 on the first anniversary of the Effective Date, 1/3 on the second anniversary of the Effective Date, and 1/3 on the day before the third anniversary of the Effective Date. The Stock Options granted hereunder shall be governed exclusively by and issued in accordance with the terms of the Company's 2002 Stock Option Plan, incorporated herein by reference. As a further incentive and inducement to the Associate to commence and continue his employment with the Company and to devote his best efforts to the business and affairs of the Company, the Associate shall be entitled to and may earn such bonuses ("Bonuses") as may be awarded from time to time by the Board of Directors of the Company, sitting as a whole or in committee, in its sole discretion, including pursuant to any bonus plan ("Bonus Plan") implemented by the Company, and to participate in any stock option plans ("Stock Option Plans") or other Bonus Plans which the Company may now have or in the future develop and for which the Associate qualifies for eligibility under the terms of such plan.