Common use of Restrictions on Exercisability Clause in Contracts

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 8,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 500 Options; (b) December 31, 2006 = 500 Options; December 31, 2007 = 500 Options; December 31, 2008 = 500 Options; and January 31, 2009 = 6,000 Options. 4.5.2 Assume 16,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 1,320 Options; (b) December 31, 2007 = 1,320 Options; (c) December 31, 2008 = 1,360 Options; and January 31, 2009 = 12,000 Options.

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 8,000 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 500 5,000 Options; (b) December 31, 2006 = 500 5,000 Options; December 31, 2007 = 500 5,000 Options; December 31, 2008 = 500 5,000 Options; and January 31, 2009 = 6,000 60,000 Options. 4.5.2 Assume 16,000 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 1,320 6,666 Options; (b) December 31, 2007 = 1,320 6,667 Options; (c) December 31, 2008 = 1,360 6,667 Options; and January 31, 2009 = 12,000 60,000 Options.

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 8,000 480,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 500 30,000 Options; (b) December 31, 2006 = 500 30,000 Options; December 31, 2007 = 500 30,000 Options; December 31, 2008 = 500 30,000 Options; and January 31, 2009 = 6,000 360,000 Options. 4.5.2 Assume 16,000 340,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 1,320 28,050 Options; (b) December 31, 2007 = 1,320 28,050 Options; (c) December 31, 2008 = 1,360 28,900 Options; and January 31, 2009 = 12,000 255,000 Options.

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 8,000 62,500 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 500 3,906 Options; (b) December 31, 2006 = 500 3,906 Options; December 31, 2007 = 500 3,906 Options; December 31, 2008 = 500 3,906 Options; and January 31, 2009 = 6,000 46,875 Options. 4.5.2 Assume 16,000 125,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 1,320 10,313 Options; (b) December 31, 2007 = 1,320 10,313 Options; (c) December 31, 2008 = 1,360 10,625 Options; and January 31, 2009 = 12,000 93,750 Options.