Option Plan Restrictions Sample Clauses

Option Plan Restrictions. The only officer, director, employee and consultant stock option or stock incentive plan currently in effect or contemplated by the Company has been submitted to the Subscribers. No other plan will be adopted nor may any options or equity not included in such plan be issued for so long as any sum is outstanding under the Note.

Option Plan Restrictions. The Company may establish an officer, director, employee or consultant stock option or stock incentive plan, provided, however, that such stock option plan does not permit the issuance of more than ten percent (10%) of the number of shares of Common Stock then issued and outstanding and any such issuance of stock options under the stock incentive plan shall not be issued at a price below the market price on the day the option is granted.

Option Plan Restrictions. The only officer, director, employee and consultant stock option or stock incentive plan currently in effect or contemplated by the Company has been submitted to the Subscribers or filed with the Reports. No other plan will be adopted nor may any options or equity not included in such plan be issued until the end of the Exclusion Period except such plans are nearly as identical to the Company's 2003 Equity Compensation Plan contained in the Reports, subject to the restrictions of Section 9(n) herein.

Option Plan Restrictions. The only officer, director, employee -------------------------- and consultant stock option or stock incentive plan currently in effect or contemplated by the Company has been submitted to the Subscribers or is described with Reports. No other plan will be adopted nor may any options or equity not included in such plan be issued until after the Exclusion Period. (e) Paid In Kind. The Subscriber may demand that some or all of the sums -------------- payable to the Subscriber pursuant to Sections 7.1(c), 7.2, 7.5, 11.4, 11.7(c), 11.7(d) and 11.7(e) that are not paid within ten business days of the required payment date be paid in shares of Common Stock valued at the Conversion Price in effect at the time Subscriber makes such demand or, at the Subscriber's election, at such other valuation described in the Transaction Documents. In addition to any other rights granted to the Subscriber herein, the Subscriber is also granted the registration rights set forth in Section 11.1(ii) hereof in relation to such shares of Common Stock and the Common Stock issuable pursuant to this Section 12(e). For purposes only of determining any liquidated damages pursuant to the Transaction Documents, the entire Purchase Price shall be allocated to the Notes and none to the Warrants; and the Warrant Shares shall be valued at the actual exercise price thereof. (f)

Option Plan Restrictions. The only officer, director, employee and consultant stock option or stock incentive plan currently in effect or contemplated by the Company has been submitted to the Subscribers or is described on Schedule 5(d) or in the Reports. No other plan will be adopted nor may any options or equity not included in such plan be issued until after the Exclusion Period, provided, however, the Company may adopt any employee, officer, director and consultant stock option plan which does not cover, together with any other plans in effect on the date hereof or adopted pursuant to this proviso, options on securities constituting in excess of 10% of the Company Common Stock on a fully diluted basis after the consummation of the transactions contemplated by proposed Form 8-K annexed hereto as Exhibit G and further provided that such Common Stock which may be issued is issued at not less than the greater of the Conversion Price in effect on the date of issuance of the option or the closing price of the Common Stock as reported for the Principal Market on the date the option is granted except for options issued to regularly engaged employees of the Company who are not directors or consultants to the Company, which Common Stock may be issued without regard to the aforedescribed exercise price limitation.

Option Plan Restrictions. The only officer, director, employee and -------------------------- consultant stock option or stock incentive plan is outlined is Section 3 (v) -- above.