Common use of Grants of Restricted Stock Clause in Contracts

Grants of Restricted Stock. The title of Section 6 shall be changed to “Stock Options/Restricted Stock”. Section 6 shall be deleted in its entirety and replaced with the following: (a) Employee shall be eligible for awards under Employer’s 2007 Incentive Stock Plan (the “Plan”) on the same terms as are generally available to senior executive officers of Employer and on terms which are in accordance with comparative market practices. The parties agree that any grant of stock options or restricted stock under the Plan or any similar plan is subject to the discretion of the Board (or Compensation Committee) based upon the duties of Employee’s position, the extent to which Employee’s individual performance objectives and Employer’s profitability objectives and other financial and non-financial objectives were achieved during the applicable period. (b) In addition to any rights Employee may have under the Plan or specific option and restricted stock grants under the Plan, all stock options and restricted stock granted to Employee which would have otherwise vested during the two-year period following the occurrence of a Change in Control shall immediately vest and become exercisable in the event of a Change in Control.