Common use of Initial Option Award Clause in Contracts

Initial Option Award. The Company shall make an award to the Executive under the Stock Plan within 90 days of the Effective Date of a nonqualified option to purchase 540,000 shares of the Company's common stock at a per share price equal to the fair market value of the common stock on the grant date (which will be the Effective Date) and an exercise period equal to five (5) years (the "Initial Option"), subject to the following: (i) For purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") shareholders of the Company voted and approved the Board of Directors to provide the Executives with new employment packages at the annual meeting. (ii) Subject to the foregoing subsection 3(c)(i), the Initial Option shall vest and become exercisable based upon the Company's performance, in accordance with the option vesting formula utilized for other Company executives under the Stock Plan as provided in the Executive's stock option agreement. (iii) The foregoing award of the Initial Option shall be evidenced by a stock option agreement which is attached hereto as Exhibit C and made a part of this Agreement.

Initial Option Award. The Company shall make an award to the Executive under the Stock Plan within 90 days of the Effective Date of a nonqualified option to purchase 540,000 135,000 shares of the Company's common stock at a per share price equal to the fair market value of the common stock on the grant date (which will be the Effective Date) and an exercise period equal to five (5) years (the "Initial Option"), subject to the following: (i) For purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") shareholders of the Company voted and approved the Board of Directors to provide the Executives with new employment packages at the annual meeting. (ii) Subject to the foregoing subsection 3(c)(i), the Initial Option shall vest and become exercisable based upon the Company's performance, in accordance with the option vesting formula utilized for other Company executives under the Stock Plan as provided in the Executive's stock option agreement. (iii) The foregoing award of the Initial Option shall be evidenced by a stock option agreement which is attached hereto as Exhibit C and made a part of this Agreement.

Initial Option Award. The Company shall make an award to the Executive under the Stock Plan within 90 days of the Effective Date of a nonqualified option to purchase 540,000 270,000 shares of the Company's common stock at a per share price equal to the fair market value of the common stock on the grant date (which will be the Effective Date) and an exercise period equal to five (5) years (the "Initial Option"), subject to the following: (i) For purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") shareholders of the Company voted and approved the Board of Directors to provide the Executives with new employment packages at the annual meeting. (ii) Subject to the foregoing subsection 3(c)(i), the Initial Option shall vest and become exercisable based upon the Company's performance, in accordance with the option vesting formula utilized for other Company executives under the Stock Plan as provided in the Executive's stock option agreement. (iii) The foregoing award of the Initial Option shall be evidenced by a stock option agreement which is attached hereto as Exhibit C and made a part of this Agreement.