Common use of Incentive Stock Options Clause in Contracts

Incentive Stock Options. Effective upon your Start Date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 fifty thousand (50,000) shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"), plus some additional shares on June 30, 1997 subject to your satisfactory performance as determined by the COO. Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable exerciseable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional In the event of a Change of Control, as defined in Section 7 below, or upon the occasion of your death during the term of this Agreement while you are in compliance with the requirements hereof, the Company shall vest all unvested stock options periodically during your employment by the Companyimmediately.

Incentive Stock Options. Effective upon your Start Date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 25,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 One Hundred Thousand (100,000) shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 125,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 thirty thousand (30,000) shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. the Company shall grant you options, subject to Board approval, to purchase 100,000 96,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon On your Start Date, PSINet Inc. the Company shall grant you options, subject to Board approval, options to purchase 100,000 200,000 shares of PSINet Inc.the Company's common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (ai) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Date, (bii) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (ciii) the stock Options shall vest ratably, monthly, over forty-eight (48) months, provided that that, for each month's vesting purposes purposes, you continue to be employed full time by the Company or one of its subsidiaries during such month. In addition, and provided that on July 10 of each subsequent year of this Agreement, the Company shall grant you options to purchase an additional 25,000 shares of the Company's Board common stock pursuant to the Plan or another option plan of Directors ratifiesthe Company, no less often than annually, that you have met such grant being subject to the terms of this Agreement and (1) the achievement of the performance standards criteria to be established pursuant to paragraph 3(b) above, (2) your continued employment at the time of grant, and criteria set for you for (3) the preceding period. You also may be eligible options having an exercise price equal to receive additional options periodically during your employment the closing price per share (as reported by the NASDAQ Stock Market) of the Company's common stock on the date of grant.

Incentive Stock Options. Effective upon your Start Datestart date as a consultant to the Company, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 One Hundred Thousand (100,000) shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datethe date of grant, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 Ninety-Six Thousand (96,000) shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. the Company shall grant you options, subject to Board approval, to purchase 100,000 98,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may be eligible to receive additional options periodically during your employment by the Company.

Incentive Stock Options. Effective upon your Start Datestart date, PSINet Inc. shall grant you options, subject to Board approval, to purchase 100,000 50,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding period. You also may There will be eligible further grant of 50,000 shares available to receive additional options periodically during your employment by you at the Companyend of February 1998, based upon the successful completion of the business objectives established for the function.

Incentive Stock Options. Effective upon your Start Date, PSINet Inc. shall grant Inc as granted you additional 50,000 options, subject to Board approvalApproval, to purchase 100,000 shares of PSINet Inc.'s common stock (the "Options") pursuant to its Executive Stock Incentive Plan (the "Plan"). Such Options shall be evidenced by an option agreement in such form as required by the Plan. Among other terms and provisions prescribed by the Plan, the option agreement shall provide that (a) the exercise price of the Options shall be the price per share of the Company's common stock as reported by the NASDAQ Stock Market at the close of business on your Start Datestart date, (b) the Options shall not be exercisable after the expiration of ten (10) years from the date such Options are granted, and (c) the stock shall vest ratably, monthly, over forty-eight (48) months, provided that for each month's vesting purposes you continue to be employed full time by the Company or one of its subsidiaries during such month, and provided that the Company's Board of Directors ratifies, no less often than annually, that you have met the performance standards and criteria set for you for the preceding preceeding period. You also may be eligible to receive additional options periodically during your employment by the Company.