Common use of Annual Options Clause in Contracts

Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); provided, however, that each Annual Option shall entitle the Employee to purchase a minimum of forty thousand (40,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(d) and ending on the third anniversary of such date.

Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant to the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); provided, however, that each Annual Option shall entitle the Employee to purchase a minimum of forty thirty thousand (40,00030,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(d) and ending on the third anniversary of such date.

Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant to the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); provided, however, that each Annual Option shall entitle the Employee to purchase a minimum of forty fifty thousand (40,00050,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(d) and ending on the third anniversary of such date.

Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant to the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); provided, however, that each Annual Option shall entitle the Employee to purchase a minimum of forty thousand (40,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(d) and ending on the third anniversary of such date.