Common use of Option to Acquire Bonus Shares Clause in Contracts

Option to Acquire Bonus Shares. 4.1. The Company hereby agrees to grant to Executive as a bonus an option to acquire fifty (50,000) thousand (the "Bonus Shares") fully paid and non-assessable shares of common stock, par value $0.01 per share (the "Common Stock") of the Company. The purchase price for each Bonus Share shall be $2.75 per share. The option granted hereby shall expire on June 7, 2005, but may be exercised only while the Executive is employed by the Company, and, in the event of the termination of his service for any reason other than as provided either in Section 10 or in Section 12 of this Agreement, then this option may be exercised for a period of not more than nine months following the date of terminations of service with the Company. The Company shall at all times reserve for issuance and/or delivery such number of shares of its Common Stock as shall be required for issuance or delivery as Bonus Shares. No fractional shares or scrip representing fractional shares shall be issued as Bonus Share. Bonus Shares will not be registered under federal or state securities laws, and will have the status of restricted securities. bonus Shares may not be sold or offered for sale in the absence of effective registration under such securities laws, or an opinion of counsel satisfactory to the Company that such registration is not required. The Company will not include any Bonus Shares in any registration statement. Bonus Shares may be sold by the Executive in transactions permitted by the provisions of Rule 144 of the Securities Act of 1933. In case the Company shall at any time subdivide or combine the outstanding shares of Common Stock, the number of Bonus Shares the Executive shall have the right to acquire shall be proportionately increased in the case of such subdivision or decreased in the case of such combination (on the date that such subdivision or combination shall become effective). Bonus Shares shall bear an appropriate restrictive legend, referring to the provisions hereof.

Option to Acquire Bonus Shares. 4.1. 4.1 The Company hereby agrees to grant to Executive as a bonus an option to acquire fifty three hundred (50,000300,000) thousand (the "Bonus Shares") fully paid and non-assessable shares of common stock, par value $0.01 per share (the "Common Stock") of the Company. The purchase price for each Bonus Share shall be $2.75 per sharethe average of the closing price of the Company's Common Stock during the fiscal quarter ended December 31, 1999. The option granted hereby shall expire on June 7, 2005, but One hundred (100,000) thousand of the Bonus Shares may be exercised only while acquired by Executive on or after March 15, 2000, and one hundred (100,000) thousand of the Bonus Shares may be acquired by Executive on or after each of October 1, 2001, and October 1, 2002. If Executive is not employed by the Company, and, in the event Company at any of the termination of his service for any reason other than as provided either in Section 10 or in Section 12 of this Agreementthree vesting dates, then this option may he shall not be exercised for a period of not more than nine months following entitled to acquire the date of terminations of service with the CompanyBonus Shares attributable to that date. The Company shall at all times reserve for issuance and/or delivery such number of shares of its Common Stock as shall be required for issuance or delivery as Bonus Shares. No fractional shares or scrip representing fractional shares shall be issued as Bonus ShareShares. Bonus Shares will not be registered under federal or state securities laws, and will have the status of restricted securities. bonus Bonus Shares may not be sold or offered for sale in the absence of effective registration under such securities laws, or an opinion of counsel satisfactory to the Company that such registration is not required. The Company will not include any Bonus Shares in any registration statementstatement unless there shall be a specific affirmative agreement to do so by an investment banking firm which has agreed to serve as underwriter of a public cash offering of the Company's securities. Bonus Shares may be sold by the Executive in transactions permitted by the provisions of Rule 144 of the Securities Act of 1933, but notwithstanding the provisions of Rule 144, Executive agrees that he will not undertake any disposition of the Bonus Shares in the twelve month period beginning when sales under Rule 144 are permissible without the approval of a majority of the disinterested members of the Board of Directors of the Company. In case the Company shall at any time subdivide or combine the outstanding shares of Common Stock, the number of Bonus Shares the Executive shall have the right to acquire shall be proportionately increased in the case of such subdivision or decreased in the case of such combination (on the date that such subdivision or combination shall become effective). Bonus Shares shall bear an appropriate restrictive legend, referring to the provisions hereof.

Option to Acquire Bonus Shares. 4.1. 4.1 The Company hereby agrees to grant to Executive as a bonus an option to acquire four hundred fifty (50,000450,000) thousand (the "Bonus Shares") fully paid and non-assessable shares of common stock, par value $0.01 per share (the "Common Stock") of the Company. The purchase exercise price for each Bonus Share shall be $2.75 per sharethe average of the closing price of the Company's Common Stock during the fiscal quarter ended December 31, 1999. The option granted hereby shall expire on June 7, 2005, but Two hundred fifty (250,000) thousand of the Bonus Shares may be exercised only while acquired by Executive on or after March 15, 2000, and one hundred (100,000) thousand of the Bonus Shares may be acquired by Executive on or after each of October 1, 2001, and October 1, 2002. If Executive is not employed by the Company, and, in the event Company at any of the termination of his service for any reason other than as provided either in Section 10 or in Section 12 of this Agreementthree vesting dates, then this option may he shall not be exercised for a period of not more than nine months following entitled to acquire the date of terminations of service with the CompanyBonus Shares attributable to that date. The Company shall at all times reserve for issuance and/or delivery such number of shares of its Common Stock as shall be required for issuance or delivery as Bonus Shares. No fractional shares or scrip representing fractional shares shall be issued as Bonus ShareShares. Bonus Shares will not be registered under federal or state securities laws, and will have the status of restricted securities. bonus Bonus Shares may not be sold or offered for sale in the absence of effective registration under such securities laws, or an opinion of counsel satisfactory to the Company that such registration is not required. The Company will not include any Bonus Shares in any registration statementstatement unless there shall be a specific affirmative agreement to do so by an investment banking firm which has agreed to serve as underwriter of a public cash offering of the Company's securities. Bonus Shares may be sold by the Executive in transactions permitted by the provisions of Rule 144 of the Securities Act of 1933, but notwithstanding the provisions of Rule 144, Executive agrees that he will not undertake any disposition of the Bonus Shares in the twelve month period beginning when sales under Rule 144 are permissible without the approval of a majority of the disinterested members of the Board of Directors of the Company. In case the Company shall at any time subdivide or combine the outstanding shares of Common Stock, the number of Bonus Shares the Executive shall have the right to acquire shall be proportionately increased in the case of such subdivision or decreased in the case of such combination (on the date that such subdivision or combination shall become effective). Bonus Shares shall bear an appropriate restrictive legend, referring to the provisions hereof.