Common use of Initial Options Clause in Contracts

Initial Options. The Company shall grant to the Employee, subject to and effective as of the consummation of the IPO, options (the "Initial Options") to purchase at a price per share equal to the price per share in the IPO, 100,000 common shares of the Company (the "Common Shares"). Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable on the first anniversary of the IPO, 33 1/3% of the Initial Options shall become exercisable on the second anniversary of the IPO, and an additional 33 1/3% of the Initial Options shall become exercisable on the third anniversary thereof. The terms of the Initial Options shall be governed by the terms of the Company's Initial Stock Option Plan.

Initial Options. The Company shall grant to the Employee, subject to and effective as of the consummation of the IPO, options (the "Initial Options") to purchase at a price per share equal to the price per share in the IPO, 100,000 common shares of the Company (the "Common Shares"). Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable on the first anniversary of the IPO, 33 1/3% of the Initial Options shall become exercisable on the second anniversary of the IPO, and an additional 33 1/3% of the -2- 3 Initial Options shall become exercisable on the third anniversary thereof. The terms of the Initial Options shall be governed by the terms of the Company's Initial Stock Option Plan.

Initial Options. The Company shall grant to the Employee, subject to and effective as of the consummation of the IPO, options (the "Initial Options") to purchase at a price per share equal to the price per share in the IPO, 100,000 67,000 common shares of the Company (the "Common Shares"). Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable on the first anniversary of the IPO, 33 1/3% of the Initial Options shall become exercisable on the second anniversary of the IPO, and an additional 33 1/3% of the -2- 3 Initial Options shall become exercisable on the third anniversary thereof. The terms of the Initial Options shall be governed by the terms of the Company's Initial Stock Option Plan.

Initial Options. The Company shall grant to the Employee, subject to and effective as of the consummation of the IPO, options (the "Initial Options") to purchase at a price per share equal to the price per share in the IPO, 100,000 67,000 common shares of the Company (the "Common Shares"). Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable on the first anniversary of the IPO, 33 1/3% of the Initial Options shall become exercisable on the second anniversary of the IPO, and an additional 33 1/3% of the Initial Options shall become exercisable on the third anniversary thereof. The terms of the Initial Options shall be governed by the terms of the Company's Initial Stock Option Plan.