Common use of Employee Stock and Stock Options Clause in Contracts

Employee Stock and Stock Options. Other than options to purchase up to 11,275,624 shares of Common Stock which may be issued under the 1994 Plan or the 1997 Plan, the Company will not issue Common Stock or stock options to its officers, directors, employees or others who render services to the Company (the "Employees") unless such Common Stock or options, as the case may be, are issued pursuant to a stock option plan approved by holders of at least 75% in interest of the Covenant Preferred Shares, voting as a class, and an agreement in form and substance satisfactory to holders of at least 75% in interest of the Covenant Preferred Shares, voting as a class, except for immaterial changes thereto as shall be approved from time to time by officers of the Company.