Common use of Participation in Stock Option Plan Clause in Contracts

Participation in Stock Option Plan. Employee shall be entitled to participate in the Company stock option plan which is applicable to its managerial employees. On August 15, 1997, Em ployee shall be granted options to purchase 25,000 shares of Company common stock, which options shall vest and be exercisable on August 15, 1998 if Employee is then employed hereunder. Provided Em ployee continues to be employed hereunder, on August 15, 1998, Employee shall be granted options to purchase 50,000 shares of Company common stock, and provided Employee continues to be employed hereunder, 25,000 of such options shall vest and be exercisable on August 15, 1999 and the remaining 25,000 of such options shall vest and be exercisable on August 15, 2000. Any stock options granted to Employee pursuant to this paragraph (d) shall have an exercise price based upon the closing sale price of Company common stock as reported on the NASDAQ National Market System on the respective date of grant and the number of shares which are subject to such options shall be equitably adjusted for stock splits, stock dividends, recapitalizations and the like occurring after the date hereof.

Participation in Stock Option Plan. Employee shall be entitled to participate in the Company stock option plan which is applicable to its managerial employees. On the first day of the Initial Term (August 15, 1997), Em ployee Employee shall be granted options to purchase 25,000 shares of Company common stock, which options shall vest and be exercisable on August 15, 1998 if Employee is then employed hereunder. Provided Em ployee Employee continues to be employed hereunder, on August 15, 1998, Employee shall be granted options to purchase 50,000 shares of Company common stock, and provided Employee continues to be employed hereunder, 25,000 of such options shall vest and be exercisable on August 15, 1999 and the remaining 25,000 of such options shall vest and be exercisable on August 15, 2000. Any stock options granted to Employee pursuant to this paragraph (d) shall have an exercise price based upon the closing sale price of Company common stock as reported on the NASDAQ National Market System on the respective date of grant and the number of shares which are subject to such options shall be equitably adjusted for stock splits, stock dividends, recapitalizations and the like occurring after the date hereof.

Participation in Stock Option Plan. Employee shall be entitled to participate in the Company stock option plan which is applicable to its managerial employees. On Provided Employee continues to be employed hereunder, on August 15, 19971998, Em ployee Employee shall be granted options to purchase 25,000 shares of Company common stock, which options shall vest and be exercisable on August 15, 1998 1999 if Employee is then employed hereunder. Provided Em ployee Employee continues to be employed hereunder, on August 15, 19981999, Employee shall be granted options to purchase 50,000 shares of Company common stock, and provided Employee continues to be employed hereunder, 25,000 of such options shall vest and be exercisable on August 15, 1999 2000 and the remaining 25,000 of such options shall vest and be exercisable on August 15, 20002001. Any stock options granted to Employee pursuant to this paragraph (d) shall have an exercise price based upon the closing sale price of Company common stock as reported on the NASDAQ National Market System on the respective date of grant and the number of shares which are subject to such options option shall be equitably adjusted for stock splits, stock dividends, recapitalizations and the like occurring after the date hereof.