Common use of Grant of Nonqualified Stock Option Clause in Contracts

Grant of Nonqualified Stock Option. Subject to the terms and conditions set forth herein, the Company grants to the Optionee, effective as of the day and year first above written (hereinafter called the "date of grant"), an option (hereinafter called the "option") to purchase from the Company, from time to time, up to but not exceeding in the aggregate 50,000 shares of the Common Stock of the Company to be issued upon the exercise hereof, fully paid and nonassessable. The option shall become exercisable as follows: (i) as to one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on the date of grant; (ii) as to an additional one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on December 31, 2000 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date); (iii) as to an additional one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on December 31, 2001 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date); and (iv) as to the remaining one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on December 31, 2002 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date). Shares not purchased on the above dates shall accumulate and remain exercisable for the period hereinafter provided. Notwithstanding the foregoing, (i) the option shall be exercisable as to the total number of shares covered by the option, i.e., 50,000 shares, immediately upon the occurrence of a "Change in Control of the Company" as defined in Section 7 of this Agreement (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to such "Change in Control of the Company"), and (ii) the Board of Directors of the Company may at any time in its sole discretion accelerate the time that the option or any portion thereof becomes exercisable. The option, to the extent then exercisable, shall remain exercisable until the earlier of ten (10) years from the date of grant or the expiration of the three (3) year period described in Section 5(a) of this Agreement. The option is subject to the restriction that it be exercised as set forth in Section 4 of this Agreement, and to other terms and conditions as set forth in Section 5 of this Agreement.

Grant of Nonqualified Stock Option. Subject to the terms and conditions set forth herein, the Company grants to the Optionee, effective as of the day and year first above written (hereinafter called the "date of grant"), an option (hereinafter called the "option") to purchase from the Company, from time to time, up to but not exceeding in the aggregate 50,000 25,000 shares of the Common Stock of the Company to be issued upon the exercise hereof, fully paid and nonassessable. The option shall become exercisable as follows: (i) as to one-quarter half of the total number of shares covered by the option, i.e., 12,500 shares, on the date of grantMay 8, 2003; (ii) as to an additional the remaining one-quarter half of the total number of shares covered by the option, i.e., 12,500 shares, on December 31May 8, 2000 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date); (iii) as to an additional one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on December 31, 2001 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date); and (iv) as to the remaining one-quarter of the total number of shares covered by the option, i.e., 12,500 shares, on December 31, 2002 (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to that date)2004. Shares not purchased on the above dates shall accumulate and remain exercisable for the period hereinafter provided. Notwithstanding Not withstanding the foregoing, (i) the option shall be exercisable as to the total number of shares covered by the option, i.e., 50,000 25,000 shares, immediately upon the occurrence of a "Change in Control of the Company" as defined in Section 7 of this Agreement (but only if the Optionee does not cease to be the Chairman of the Board of Directors of the Company prior to such "Change in Control of the Company"), and (ii) the Board of Directors of the Company may at any time time, in its sole discretion discretion, accelerate the time that the option or any portion thereof becomes exercisable. The option, to the extent then exercisable, shall remain exercisable until the earlier of ten (10) years from the date of grant or the expiration of the three (3) year period described in Section 5(a) of this Agreement. The option is subject to the restriction that it be exercised as set forth in Section 4 of this Agreement, and to other terms and conditions as set forth in Section 5 of this Agreement.