Common use of Initial Stock Option Award Clause in Contracts

Initial Stock Option Award. On the Effective Date, the Company shall grant the Executive a 7-year non-qualified stock option award, substantially in the form attached to this Agreement as Exhibit D, as modified by the terms of this Agreement, to purchase 1,000,000 shares of Stock,(the "Initial Stock Option") with Transfer Restrictions lapsing on the first three anniversaries of the date of grant (333,333 on June 1, 2000 and 2001 and 333,334 on June 1, 2002). The exercise price of the Initial Stock Option shall be the average of the closing prices of the Stock on the New York Stock Exchange for the five business days preceding and including June 1, 1999.

Initial Stock Option Award. On As of the Effective Date, the Company shall grant the Executive a 7-year non-qualified stock option award, substantially in the form of the Stock Option Agreement attached to this Agreement hereto as Exhibit D, as modified by the terms of this Agreement, to purchase 1,000,000 520,000 shares of Stock,(the Stock (the "Initial Stock Option") with Transfer Restrictions lapsing vesting one-third (1/3) per year beginning on the first three anniversaries third anniversary of the date of grant (333,333 Effective Date and on June 1, 2000 and 2001 and 333,334 each subsequent anniversary thereafter; provided that the Executive is employed by the Company on June 1, 2002)each such anniversary date. The exercise price of the Initial Stock Option shall be the average of the closing prices of the Stock on the New York Stock Exchange for the five (5) business days preceding and including June 1, 1999the grant date. The Initial Stock Option shall be exercisable for a period of 10 years from the date of grant.

Initial Stock Option Award. On the Effective Date, the Company shall grant granted the Executive a 7-year non-qualified stock option award, substantially in the form attached to this Agreement as Exhibit D, as modified by the terms of this Agreement, to purchase 1,000,000 shares of Stock,(the Stock, (the "Initial Stock Option") with Transfer Restrictions transfer restrictions lapsing on the first three anniversaries of the date of grant (333,333 on June 1, 2000 and 2001 and 333,334 on June 1, 2002)) . The exercise price of the Initial Stock Option shall be the average of the closing prices of the Stock on the New York Stock Exchange for the five business days preceding and including June 1, 1999.

Initial Stock Option Award. On As of the Effective Date, the Company shall grant the Executive a 7-year non-qualified stock option award, substantially in the form of the Stock Option Agreement attached to this Agreement hereto as Exhibit D, as modified by the terms of this AgreementB, to purchase 1,000,000 780,000 shares of Stock,(the Stock (the "Initial Stock Option") with Transfer Restrictions lapsing vesting one-third (1/3) per year beginning on the first three anniversaries third anniversary of the date of grant (333,333 Effective Date and on June 1, 2000 and 2001 and 333,334 each subsequent anniversary thereafter; provided that the Executive is employed by the Company on June 1, 2002)each such anniversary date. The exercise price of the Initial Stock Option shall be the average of the closing prices of the Stock on the New York Stock Exchange for the five (5) business days preceding and including June 1, 1999the grant date. The Initial Stock Option shall be exercisable for a period of 10 years from the date of grant.