Common use of Exercise of Option and Provisions for Termination Clause in Contracts

Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, and subject to all other terms and conditions of this Agreement, if the Employee has continued to be employed by the Company through any applicable date in the table below, this option may be exercised prior to the tenth anniversary of the Grant Date (hereinafter the "Expiration Date") in installments for not more than the number of shares set forth opposite such applicable date: March 31, 1998 0 March 31, 1999 26,250 shares March 31, 2000 an additional 26,250 shares March 31, 2001 an additional 26,250 shares The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible as of an applicable date, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option. Notwithstanding any other provision of this Agreement or the Plan, this option may not be exercised at any time on or after the Expiration Date. Notwithstanding the foregoing vesting schedule, if the Company is to be consolidated with or merged into another company where the Company is not the survivor corporation or in which the Company is the survivor corporation but becomes a wholly-owned subsidiary of another corporation, or if the Company is acquired by another entity in an acquisition of all or substantially all of the Company's assets or 70% or more of the Company's issued and outstanding shares of capital stock (collectively, a "Company Sale"), then all outstanding shares covered by this Option shall become exercisable in full (to the extent not otherwise so exercisable) prior to the consummation of the Company Sale.

Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, and subject to all other terms and conditions of this Agreement, if the Employee has continued to be employed by the Company through any applicable date in the table below, this option may be exercised prior to the tenth anniversary of the Grant Date (hereinafter the "Expiration Date") in installments for not more than the number of shares set forth opposite such applicable date: March 31, 1998 0 March 31, 1999 26,250 73,750 shares March 31, 2000 an additional 26,250 81,250 shares March 31, 2001 an additional 26,250 81,250 shares The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible as of an applicable date, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option. Notwithstanding any other provision of this Agreement or the Plan, this option may not be exercised at any time on or after the Expiration Date. Notwithstanding the foregoing vesting schedule, if the Company is to be consolidated with or merged into another company where the Company is not the survivor corporation or in which the Company is the survivor corporation but becomes a wholly-owned subsidiary of another corporation, or if the Company is acquired by another entity in an acquisition of all or substantially all of the Company's assets or 70% or more of the Company's issued and outstanding shares of capital stock (collectively, a "Company Sale"), then all outstanding shares covered by this Option shall become exercisable in full (to the extent not otherwise so exercisable) prior to the consummation of the Company Sale.