Common use of Exercisability of Option; Rights and Privileges Clause in Contracts

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by Optionee; (i) one-half (1/2) upon the Effective Date of the employment Agreement and (ii) one-half (1/2) upon the first anniversary of the Effective Date (the "Exercise Dates") for a period of five (5) years for each Exercise Date. All granted but unexercised Options shall continue to be fully exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by Optionee; : (i) one-half (1/2) 50,000 upon the Effective Date of the employment Agreement and Date; (ii) one-half 50,000 upon six (1/26) months following the Effective Date; (iii) 50,000 upon the first anniversary of the Effective Date and (iv) 50,000 upon eighteen (18) months following the Effective Date (the "Exercise DatesDate(s)") for a period of five (5) years for from each Exercise DateDate (the "Exercise Period"). All granted but unexercised Options shall continue to be fully exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by OptioneeOptionee ; (i) one-half (1/2) upon the Effective Date of the employment Agreement and (ii) one-half (1/2) upon the first anniversary of the Effective Date (the "“Exercise Dates"”) for a period of five (5) years for from each Exercise Date. All granted but unexercised Options shall continue to be fully vested and exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by OptioneeOptionee ; (i) one-half (1/2) upon the Effective Date Volume Weighted Average Price (VWAP) of the employment Agreement and Company’s common stock trading at or above $0.50 per share for thirty (30) consecutive trading days; (ii) one-half (1/2) upon the first VWAP of the Company’s common stock trading at or above $1.00 per share for thirty (30) consecutive trading days or (iii) in their entirety on the tenth (10th) anniversary of the Effective Date (the "Exercise Dates") for a period of five (5) years for each Exercise Date. All granted but unexercised Options shall continue to be fully vested and exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by Optionee; (i) one-half (1/2) upon Optionee in whole or in part, at any time and from time to time, commencing from the Effective Date of the employment Agreement and (ii) one-half (1/2) upon the first anniversary of the Effective Date (the "Exercise Dates") for a period of five (5) years for each Exercise Dateyears. All granted but unexercised Options shall continue to be fully exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by Optionee; (i) one-half (1/2) upon the Effective Date of the employment Agreement and (ii) one-half (1/2) upon the first anniversary of the Effective Date (the "Exercise Dates") Optionee from time to time, for a period of five (5) years for each Exercise commencing: (i) 125,000 options from the Effective Date and (ii) 125,000 Options from the first anniversary of the Effective Date. All granted but unexercised Options shall continue to be fully exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of or corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Option; Rights and Privileges. Subject to the provisions of Paragraph 6 hereof, the Option shall be exercisable by Optionee; (i) one-half (1/2) upon the Effective Date of the employment Agreement Optionee in whole or in part, at any time and (ii) one-half (1/2) upon the first anniversary of from time to time, commencing on the Effective Date (the "Exercise DatesDate") for a period of five (through October 5) years for each Exercise Date. , 2003 All granted but unexercised Options shall continue to be fully exercisable in accordance with the provisions herein: (i) if there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least 66 2/3 percent of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar of corporate transaction; (ii) if the shareholders of the Company shall approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) if the shareholders of the Company shall approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).