Common use of Matching Options Clause in Contracts

Matching Options. (i) The Company contemplates an initial public offering of shares of common stock pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations promulgated thereunder (the "Initial Public Offering") during the year 2002. At the time, if any, of such Initial Public Offering, the Company shall grant to Executive a stock option to purchase 25,000 shares of Company common stock at an exercise price equal to the public offering price per share paid by the initial purchasers in the Initial Public Offering less the underwriting commission per share (the "Matching Options"). Subject to Executive's continued employment with the Company, such Matching Options will vest in equal installments on each of the first three anniversaries of the date of grant, and will become fully vested upon the occurrence of a Change in Control of the Company. Other terms and conditions of the Matching Options shall be as set forth herein, in the Plan and an option agreement between the Company and Executive.