Description of Nonqualified Stock Option and Restricted Stock Grants to Non-Employee Directors (February 27, 2009)
On February 27, 2009, the Board of Directors approved grants of nonqualified stock options and restricted stock to non-employee directors. Each director received 3,000 stock options at an exercise price of $8.77 per share, vesting in equal parts over three years starting in 2012. Additionally, each director was granted 1,000 shares of restricted stock, vesting in equal parts over three years starting in 2010. The agreement outlines the terms and vesting schedules for these equity awards.
Exhibit 10.17
On February 27, 2009, the Board of Directors of the Registrant approved discretionary grants of non-qualified stock options, vesting one-third on February 27, 2012, one-third on February 27, 2013, and one-third on February 27, 2014, to each of Messrs. Agnone, Alter, DeSoto, Hepburn, Hoffman, Miller, Morello, Newkam, Rose, Ulsh, Weaver, Wiest and Zimmerman and Mss. Piersol and Sears, all of whom are non-employee members of the Board. The grants were in amount of 3,000 per director and were granted with an exercise price of $8.77 per share (the closing price per share of the Registrant’s common stock on grant date). Further, each non-employee member of the Board was granted 1,000 shares of restricted stock, vesting one-third on February 27, 2010, one-third on February 27, 2011, and one-third on February 27, 2012.
