Common use of LEFT INTENTIONALLY BLANK Clause in Contracts

LEFT INTENTIONALLY BLANK. Executive shall be granted stock options for 500,000 shares of the common stock of the Company (the "Options") pursuant to an option agreement (the "Option Agreement") divided into four tranches 25% vesting per quarter commencing on the date of this Agreement. The Option Agreement will have customary provisions relating to adjustments for stock splits and similar events. The exercise price of the Options will be $0.25 per share for all 500,000 shares. In addition, the Options: (1) 200,000 additional options to be granted upon the achievement of the Company of $9,500,000 million in revenue and $50,000 EBITDA for the calendar year 2002. Any expenses effect surrounding the performance based options will also be factored out in arriving at the EBITDA. The options as granted shall provide for an "early exercise" right (i.e., the right of Executive to exercise options prior to their vesting date and to receive restricted stock subject to the same vesting requirements as the options exercised). In addition, the options as granted shall permit Executive (or, where applicable, his personal representative) up to eighteen (18) months following termination of employment for any reason to exercise any options which were vested at the time of such termination (including options vesting as the result of such termination, where applicable). In the event such a loan is not prohibited by the terms of any indebtedness or capital lease to which the Company is a party, upon request from Executive, the Company shall lend Executive such amount as may be necessary for him to exercise any options granted to him, such loan to be a full recourse loan and to bear interest at the minimum rate required in order to avoid imputation of income to Executive under applicable federal tax law.