Common use of Initial Grants Clause in Contracts

Initial Grants. On the Commencement Date, the Company shall grant to Executive, subject to the terms of the Company’s 2005 Management Stock Ownership Program (“Stock Ownership Program”), an Option to purchase 250,000 Common Shares (the “Initial Option”) and 50,000 Restricted Stock Units (the “Initial RSUs”).

Initial Grants. On the Commencement Date, the Company shall grant to Executive, an Option to purchase 250,000 Common Shares (the “Initial Option”), subject to the terms of the Company’s 2005 Management Stock Ownership Program (“Stock Ownership Program”), an Option to purchase 250,000 Common Shares (the “Initial Option”) and 50,000 Restricted Stock Units (the “Initial RSUs”). The Initial RSUs shall accumulate dividend equivalents as provided for under the Stock Ownership Program and be reinvested in additional restricted stock units that shall vest and be paid on the same basis as the Initial RSUs.