Common use of Options Grant Clause in Contracts

Options Grant. Parent Company grants to Executive an option to purchase 120,000 shares of the common stock of Parent Company, subject to the provisions set forth in this subsection (d) if, during the term of this Agreement, Executive increases Company's earnings and revenue growth as set forth herein. The option shall vest as follows: (i) if earnings growth for any fiscal quarter during the first twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,000 shares of Parent Company's common stock at a price of $4.00 per share; if revenue growth for any fiscal quarter during the first twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,500 shares of Parent Company's common stock at a price of $4.00 per share (ii) if earnings growth for any fiscal quarter during the first twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,000 shares of Parent Company's common stock at a price of $4.00 per share; if revenue growth for any fiscal quarter during the first twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,500 shares of Parent Company's common stock at a price of $4.00 per share (iii) if earnings growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,000 shares of Parent Company's common stock at a price of $5.00 per share; if revenue growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,500 shares of Parent Company's common stock at a price of $5.00 per share (iv) if earnings growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,000 shares of Parent Company's common stock at a price of $5.00 per share; if revenue growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,500 shares of Parent Company's common stock at a price of $5.00 per share (v) if earnings growth for any fiscal quarter during the third twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,000 shares of Parent Company's common stock at a price of $6.00 per share; if revenue growth for any fiscal quarter during the third twelve month period following execution of this Agreement equals or exceeds 20% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase 1,500 shares of Parent Company's common stock at a price of $6.00 per share. (vi) if earnings growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,000 shares of Parent Company's common stock at a price of $6.00 per share; if revenue growth for any fiscal quarter during the second twelve month period following execution of this Agreement equals or exceeds 30% (as computed using generally accepted accounting principles), Executive shall be entitled to purchase an additional 1,500 shares of Parent Company's common stock at a price of $6.00 per share The options shall be granted pursuant to the Plan. Executive agrees to be bound by the terms of the Plan as adopted.