IMMEDIATE OPTION GRANT Sample Clauses

IMMEDIATE OPTION GRANT. Upon execution of this Agreement, Employee will be granted an option to purchase 75,000 shares of common stock of CML with an exercise price equal to the closing price of CML's common stock on the New York Stock Exchange (the "Fair Market Value") on the date of grant. Such option will vest as to 50% of the shares covered thereby on the date of grant, an additional 25% on April 1, 1999, if he is then still employed by the Company, and the remaining 25% on April 1, 2000, if he is then still employed by the Company. The option shall be subject to such other provisions as are set forth in the stock option agreements attached hereto as APPENDIX I.