Common use of Performance Stock Options Clause in Contracts

Performance Stock Options. Xxxxxx has been granted (i) 100,000 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 Agreement between World and Xxxxxx dated April 2, 1999 (the "Option Agreement No.1"), and (ii) 900,000 options to purchase World's Common Stock pursuant to the 1999 Chief Executive Stock Option Plan (the "CEO Plan") as set forth in the Stock Option Agreement between World and Xxxxxx dated April 2, 1999 (the two option grants together referred to as the "Options"). In the event of a Change in Control as defined below, all Options granted shall be immediately exercisable.

Performance Stock Options. Xxxxxx has been granted (i) 100,000 ------------------------- 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 Agreement between World and Xxxxxx dated April 2, 1999 (the "Option Agreement No.1"), and (ii) 900,000 options to purchase World's Common Stock pursuant to the 1999 Chief Executive Stock Option Plan (the "CEO Plan") as set forth in the Stock Option Agreement between World and Xxxxxx dated April 2, 1999 (the two option grants together referred to as the "Options"). In the event of a Change in Control as defined below, all Options granted shall be immediately exercisable.