Common use of Initial Options Clause in Contracts

Initial Options. Effective on the Commencement Date (as defined below), the Company granted to Executive options (the "INITIAL OPTIONS") to purchase two hundred fifty thousand (250,000) shares of common stock, par value $0.01 per share (the "COMMON STOCK") of the Company, pursuant to the Company's 2004 Stock Option Plan, as amended (the "PLAN"). The Initial Options: (i) shall, to the maximum extent permitted under applicable law, qualify as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code; (ii) be fully vested and immediately exercisable in full as of the Commencement Date; (iii) have a per share exercise price equal to $2.25; and (iv) be subject to the terms and conditions set forth in the Plan and a stock option agreement to be entered into by the Company and Executive, simultaneously herewith (the "OPTION AGREEMENT"). Such grant of options pursuant to this Section 2.3.1 shall be fully vested and exercisable, subject to the terms of the Plan and the Option Agreement and acceleration pursuant to Section 3 hereof. The shares of Common Stock issuable upon exercise of the Initial Options are subject to an effective registration statement filed with the Securities and Exchange Commission (the "SEC").

Initial Options. Effective on the Commencement Date (as defined below)date hereof, the Company granted shall grant to Executive options (the "INITIAL OPTIONS") to purchase two hundred fifty thousand (250,000) shares of common stock, par value $0.01 per share (the "COMMON STOCK") of the Company, pursuant to the Company's 2004 Stock Option Plan, as amended (the "PLAN"). The Initial Options: (i) shall, to the maximum extent permitted under applicable law, qualify as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code; (ii) be fully vested and immediately exercisable in full as of the Commencement Datedate hereof; (iii) have a per share exercise price equal to $2.25; and; (iv) be subject to the terms and conditions set forth in the Plan and a stock option agreement to be entered into by the Company and Executive, simultaneously herewith (the "OPTION AGREEMENT"). Such grant of options pursuant to this Section 2.3.1 shall be fully vested and exercisable, subject to the terms of the Plan and the Option Agreement and acceleration pursuant to Section 3 hereof. The shares of Common Stock issuable upon exercise of the Initial Options are subject to an effective registration statement filed with the Securities and Exchange Commission (the "SEC").

Initial Options. Effective on the Commencement Date (as defined below)date hereof, the Company granted shall grant to Executive options (the "INITIAL OPTIONS") to purchase two hundred fifty thousand (250,000) shares of common stock, par value $0.01 per share (the "COMMON STOCK") of the Company, pursuant to the Company's 2004 Stock Option Plan, as amended (the "PLAN"). The Initial Options: (i) shall, to the maximum extent permitted under applicable law, qualify as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code; (ii) be fully vested and immediately exercisable in full as of the Commencement Datedate hereof; (iii) have a per share exercise price equal to $2.25; and (iv) be subject to the terms and conditions set forth in the Plan and a stock option agreement to be entered into by the Company and Executive, simultaneously herewith (the "OPTION AGREEMENT"). Such grant of options pursuant to this Section 2.3.1 shall be fully vested and exercisable, subject to the terms of the Plan and the Option Agreement and acceleration pursuant to Section 3 hereof. The shares of Common Stock issuable upon exercise of the Initial Options are subject to an effective registration statement filed with the Securities and Exchange Commission (the "SEC").