Common use of Grant of Option; Vesting Clause in Contracts

Grant of Option; Vesting. The Company hereby grants to Director the option to purchase, as hereinafter set forth, 20,000 shares of common stock of the Company at the exercise price of $15.75 per share. Except as otherwise expressly provided in this Agreement, the option will vest and become exercisable in four equal components of 5,000 shares on each of the following dates: (i) the date of the general meeting of the Company's stockholders next following the date of this Agreement that is held in calendar year 1999, provided Director is still a director of the Company on such date; (ii) the date of the annual general meeting of the Company's stockholders in calendar year 2000, provided Director is still a director of the Company on such date; (iii) the date of the annual general meeting of the Company's stockholders in calendar year 2001, provided Director is still a director of the Company on such date; and (iv) the date of the annual general meeting of the Company's stockholders in calendar year 2002, provided Director is still a director of the Company on such date. The grant of the option is subject to and contingent upon the approval of the stockholders of the Company at the Stockholders' Meeting.

Grant of Option; Vesting. The Company hereby grants to Director the option to purchase, as hereinafter set forth, 20,000 shares of common stock of the Company at the exercise price of $15.75 per share. Except as otherwise expressly provided in this Agreement, the option will vest and become exercisable in four equal components of 5,000 shares on each of the following dates: (i) the date of the general meeting of the Company's ’s stockholders next following the date of this Agreement that is held in calendar year 1999, provided Director is still a director of the Company on such date; (ii) the date of the annual general meeting of the Company's ’s stockholders in calendar year 2000, provided Director is still a director of the Company on such date; (iii) the date of the annual general meeting of the Company's ’s stockholders in calendar year 2001, provided Director is still a director of the Company on such date; and (iv) the date of the annual general meeting of the Company's ’s stockholders in calendar year 2002, provided Director is still a director of the Company on such date. The grant of the option is subject to and contingent upon the approval of the stockholders of the Company at the Stockholders' ’ Meeting.