Common use of CONDITION OF AWARD Clause in Contracts

CONDITION OF AWARD. The Restricted Shares are subject to the following vesting conditions: The Restricted Shares shall vest upon the Company achieving audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005. If the Company does not achieve audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of audited gross revenues achieved for the fiscal year ended December 31, 2005/$5,000,000 X 5,000,000. The vesting date, if any, shall be the date of the audit report prepared by the Company's auditors with respect to the Company's fiscal year ended December 31, 2005 (the "Audit Report Date"). The Company shall hold the Restricted Shares in escrow pending satisfaction of the foregoing vesting conditions. As and when the vesting conditions are satisfied, the vested Restricted Shares shall be released to the Recipient. All Restricted Shares that do not vest by the Audit Report Date shall be automatically rescinded and cancelled without any further action by the Recipient required.

CONDITION OF AWARD. The Restricted Shares are subject to the following vesting conditions: The Restricted Shares shall vest upon the Company achieving audited gross revenues of at least $5,000,000 50,000,000 for the fiscal year ended December 31, 2005. If the Company does not achieve audited gross revenues of at least $5,000,000 50,000,000 for the fiscal year ended December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of audited gross revenues achieved for the fiscal year ended December 31, 2005/$5,000,000 2005/$50,000,000 X 5,000,0002,000,000. The vesting date, if any, shall be the date of the audit report prepared by the Company's auditors with respect to the Company's fiscal year ended December 31, 2005 (the "Audit Report Date"). The Company shall hold the Restricted Shares in escrow pending satisfaction of the foregoing vesting conditions. As and when the vesting conditions are satisfied, the vested Restricted Shares shall be released to the Recipient. All Restricted Shares that do not vest by the Audit Report Date shall be automatically rescinded and cancelled without any further action by the Recipient required.

CONDITION OF AWARD. The Restricted Shares are subject to the following vesting conditions: The Restricted Shares shall vest upon the Company achieving audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005. If the Company does not achieve audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of audited gross revenues achieved for the fiscal year ended December 31, 2005/$5,000,000 X 5,000,00015,000,000. The vesting date, if any, shall be the date of the audit report prepared by the Company's auditors with respect to the Company's fiscal year ended December 31, 2005 (the "Audit Report Date"). The Company shall hold the Restricted Shares in escrow pending satisfaction of the foregoing vesting conditions. As and when the vesting conditions are satisfied, the vested Restricted Shares shall be released to the Recipient. All Restricted Shares that do not vest by the Audit Report Date shall be automatically rescinded and cancelled without any further action by the Recipient required.