Common use of Initial Stock Option Clause in Contracts

Initial Stock Option. On January 4, 1999, Company shall grant to Executive an option (the “Initial Option”) to purchase 200,000 shares of Company’s common stock (“Common Stock”). Such Initial Options will be issued outside of Company’s 1997 Incentive Plan. The purchase price for each share of stock subject to the Initial Option shall be equal to the Fair Market Value (the mean of the highest and lowest sales price per share of the Common Stock on the applicable date) of a share of Common Stock as of January 4, 1999. The Initial Stock Option shall (i) be a nonqualified stock option, (ii) have a ten-year term, (iii) become exercisable cumulatively in 33 1/3% increments beginning January 1, 1999 and at each of January 1, 2000 and January 1, 2001.

Initial Stock Option. On January 4, 1999, Company shall grant to Executive an option (the “"Initial Option”") to purchase 200,000 shares of Company’s 's common stock (“"Common Stock”"). Such Initial Options will be issued outside of the Company’s 's 1997 Incentive Plan. The purchase price for each share of stock subject to the Initial Option shall be equal to the Fair Market Value (the mean of the highest and lowest sales price per share of the Common Stock on the applicable date) of a share of Common Stock as of January 4, 1999. The Initial Stock Option shall (i) be a nonqualified stock option, (ii) have a ten-year term, (iii) become exercisable cumulatively in 33 1/3% increments beginning January 1, 1999 and at each of January 1, 2000 and January 1, 2001.