Common use of OPTION TO PURCHASE STOCK Clause in Contracts

OPTION TO PURCHASE STOCK. As of the Commencement Date, the Employee shall be granted a nonqualified stock option to purchase 20,000 shares of the Corporation's common stock, par value $.01, at a price of $6.50 per share. Such option shall vest at a cumulative rate of 33_% per year, on the first and each succeeding anniversary date of the Commencement Date. Except as set forth herein, the terms and conditions applicable to such option shall be those contained in the Corporation's 1996 Incentive Stock Option Plan, as amended, the terms and conditions of which are incorporated herein by this reference.

OPTION TO PURCHASE STOCK. As of the Commencement Date, the Employee shall be granted a nonqualified stock option to purchase 20,000 50,000 shares of the Corporation's common stock, par value $.01, at a price of $6.50 20.31 per share. Such option shall vest at a cumulative rate of 33_% 33% per year, on the first and each succeeding anniversary date of the Commencement Date. Except as set forth herein, the terms and conditions applicable to such option shall be those contained in the Corporation's 1996 Incentive Stock Option Plan, as amended, the terms and conditions of which are incorporated herein by this reference.

OPTION TO PURCHASE STOCK. As of the Commencement Date, the Employee shall be granted a nonqualified stock option to purchase 20,000 50,000 shares of the Corporation's common stock, par value $.01, at a price of $6.50 20.31 per share. Such option shall vest at a cumulative rate of 33_% 331/3% per year, on the first and each succeeding anniversary date of the Commencement Date. Except as set forth herein, the terms and conditions applicable to such option shall be those contained in the Corporation's 1996 Incentive Stock Option Plan, as amended, the terms and conditions of which are incorporated herein by this reference.