Common use of Performance Stock Options Clause in Contracts

Performance Stock Options. Xxxxxxxxx has been granted 150,000 options to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements between World and Xxxxxxxxx dated January 8, 2002, and June 1, 2002 (together, the "Options" and the "Option Agreements"). In the event of a Change in Control as defined below, all Options shall be immediately exercisable.

Performance Stock Options. Xxxxxxxxx Xxxxxxx has been granted 150,000 125,000 options ------------------------- to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements between World and Xxxxxxxxx Xxxxxxx dated January 8July 16, 20022001, and June 1January 16, 2002 (together, the "Options" and the "Option Agreements"). In the event of a Change in Control as defined below, all Options shall be immediately exercisable.

Performance Stock Options. Xxxxxxxxx XxXxxxxx has previously been granted 150,000 25,000 options to purchase World's ’s Common Stock, par value $.001 per share ("“World Airways Air Holdings, Inc. Common Stock"”) pursuant to the World Air holdings, Inc. Amended and Restated 1995 World Airways Stock Option Incentive Plan (the "“Plan"”) as set forth in the Stock Option Agreements Agreement between World and Xxxxxxxxx XxXxxxxx dated January 8December 22, 2002, and June 1, 2002 2004 (together, the "Options" and the "“Option Agreements"Agreement”). In the event of a Change in Control as defined below, all Options shall be immediately exercisable.

Performance Stock Options. Xxxxxxxxx Xxxxxxxx has been granted 150,000 (i) 250,000 options to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements between World and Xxxxxxxxx Xxxxxxxx dated January 8April 7, 20021999, June 22, 1999, August 9, 1999, March 29, 2000, October 30, 2000 and June 1February 13, 2002 2003 (together, the "Options" and the "Option AgreementsAgreement"). In the event of a Change in Control as defined below, all Options granted shall be immediately exercisable.

Performance Stock Options. Xxxxxxxxx Xxxxxxx already has been granted 150,000 125,000 options to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements between World and Xxxxxxxxx Xxxxxxx dated January 8May 31, 20021995, and June 1March 29 and October 30, 2002 2000 (together, the "Options" and the "Option AgreementsAgreement"). In the event of a Change in Control as defined below, all Options shall be immediately exercisable.

Performance Stock Options. Xxxxxxxxx Xxxxxx has been granted 150,000 options to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements Agreement between World and Xxxxxxxxx Xxxxxx dated January 8, 2002, and June 1, 2002 this same date (together, the "Options" and the "Option AgreementsAgreement"). In the event , a copy of a Change in Control which is attached as defined below, all Options shall be immediately exercisableExhibit B hereto.

Performance Stock Options. Xxxxxxxxx Xxxxxxxx has been granted 150,000 62,000 options to purchase World's Common Stock, par value $.001 per share ("World Airways Common Stock") pursuant to the 1995 World Airways Stock Option Plan (the "Plan") as set forth in the Stock Option Agreements between World and Xxxxxxxxx Xxxxxxxx dated January 8April 7, 2002June 22, and June 1August 9, 2002 1999 (together, the "Options" and the "Option AgreementsAgreement"). In the event of a Change in Control as defined below, all Options shall be immediately exercisable.