Common use of Common Stock Purchase Options Clause in Contracts

Common Stock Purchase Options. As additional consideration under the Investor Relations Agreement, La-Man hereby grants to Halyx options ("Option" or "Options") to purchase up to 50,000 newly issued shares of Common Stock (the "Underlying Shares") from La-Man on the following terms and conditions: (a) The exercise price shall be $1.5422 per share, such price being equal to 105% of the quoted trading price of the Common Stock on the March 18, 1997 grant date, as published by The Nasdaq SmallCap Market. (b) The expiration date of the Options shall be March 17, 2001. (c) The Options shall vest and become exercisable as follows: (i) Options for 15,000 Underlying Shares shall vest and become irrevocable and exercisable on and after March 18, 1997; (ii) Options for 15,000 Underlying Shares shall vest and become irrevocable and exercisable on September 18, 1997; and (iii) Options for the remaining 20,000 Underlying Shares shall vest and become irrevocable and exercisable on March 18, 1998. (d) Options shall be exercised in blocks of 1,000 shares or any multiple thereof. (e) Notwithstanding any provisions contained in this Agreement to the contrary, any and all Options not vested upon the effective date of termination of the Investor Relations Agreement shall terminate, be deemed null and void, and be of no further force and effect.

Common Stock Purchase Options. As additional consideration under the Investor Relations Agreement, La-Man hereby grants to Halyx options ("Option" or "Options") to purchase up to 50,000 newly issued shares of Common Stock (the "Underlying Shares") from La-Man on the following terms and conditions: (a) The exercise price shall be $1.5422 2.5 per share, such price being equal to 105% of the quoted trading price of the Common Stock on the March 18August 29, 1997 grant date, as published by The Nasdaq SmallCap Market. (b) The expiration date of the Options shall be March 17August 28, 2001.; (c) The Options shall vest and become exercisable as follows: (i) Options for 15,000 Underlying Shares shall vest and become irrevocable and exercisable on and after March 18August 29, 1997; (ii) Options for 15,000 Underlying Shares shall vest and become irrevocable and exercisable on September 18August 29, 19971998; and (iii) Options for the remaining 20,000 Underlying Shares shall vest and become irrevocable and exercisable on March 18August 29, 19981999. (d) Options shall be exercised in blocks of 1,000 shares or any multiple thereof. (e) Notwithstanding any provisions contained in this Agreement to the contrary, any and all Options not vested upon the effective date of termination of the Investor Relations Agreement shall terminate, be deemed null and void, and be of no further force and effect.