Common use of Time-Vested Option Clause in Contracts

Time-Vested Option. As to 135,000 shares covered by the Stock Option (the “Time-Vested Option”), Executive shall become vested in and eligible to exercise the Option as to 33,750 shares on each of the first four anniversaries of the Effective Date, provided, that Executive is employed on the applicable anniversary for such installment of the option to so vest; and provided, further, that, (i) upon a Change in Control (for purposes of this Section 5, as defined in the Plan on the date hereof) occurring on or before December 31, 2007, while Executive is employed, 50% of the Time-Vested Option will become fully vested and exercisable and (ii) upon a Change in Control occurring after December 31, 2007, while Executive is employed, 100% of the Time-Vested Option will become fully vested and exercisable. Any portion of the Time-Vested Option not vested upon a Change in Control on or before December 31, 2007 will be forfeited and cancelled.

Time-Vested Option. As to 135,000 150,000 shares covered by the Stock Option (the “Time-Vested Option”), Executive shall become vested in and eligible to exercise the Option as to 33,750 37,500 shares on each of the first four anniversaries of the Effective Date, provided, that provided Executive is employed on the applicable anniversary for such installment of the option to so vest; and provided, further, further provided that, (i) upon a Change in Control (for purposes of this Section 5, as defined in the Plan on the date hereof) occurring on or before December 31, 2007, while Executive is employed, 50% of the Time-Vested Option will become fully vested and exercisable and (ii) upon a Change in Control occurring after December 31, 2007, while Executive is employed, 100% of the Time-Vested Option will become fully vested and exercisable. Any portion of the Time-Vested Option not vested upon a Change in Control on or before December 31, 2007 will be forfeited and cancelled.

Time-Vested Option. As to 135,000 300,000 shares covered by the Stock Option (the “Time-Vested Option”), Executive shall become vested in and eligible to exercise the Option as to 33,750 75,000 shares on each of the first four anniversaries of the Effective Date, provided, that provided Executive is employed on the applicable anniversary for such installment of the option to so vest; and provided, further, further provided that, (i) upon a Change in Control (for purposes of this Section 5, as defined in the Plan on the date hereof) occurring on or before December 31, 2007, while Executive is employed, 50% of the Time-Vested Option will become fully vested and exercisable and (ii) upon a Change in Control occurring after December 31, 2007, while Executive is employed, 100% of the Time-Vested Option will become fully vested and exercisable. Any portion of the Time-Vested Option not vested upon a Change in Control on or before December 31, 2007 will be forfeited and cancelled.