Common use of New Option Grant Clause in Contracts

New Option Grant. On the Effective Date or as soon as administratively practicable thereafter (the "Grant Date"), the Stock Option Committee of the Board will grant to the Executive an option (the "Option") to purchase 145,822 shares of the Parent's common stock, par value $.01 (the "Common Stock") under the Parent's 1996 Stock Option Plan as may be in effect from time to time (the "1996 Stock Option Plan") at an exercise price equal to the fair market value (as defined in the 1996 Stock Option Plan) of the Common Stock on the Grant Date. The Option shall, to the maximum extent permitted by applicable law, be designated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and to the extent not allowable, the Option shall be a non-qualified stock option. To the extent that there is an insufficient number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan and the Parent has not obtained stockholder approval of an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan, the Option shall be conditioned upon the Parent obtaining stockholder approval of such an amendment. The Parent undertakes to propose, and recommend that the stockholders of the Parent approve, an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan at the next annual stockholder meeting of the Parent, which is to be held not later than June 15, 2001. Alpine, the majority stockholder of the Parent, will confirm in writing to the Parent that it would vote in favor of such an amendment.

New Option Grant. On the Effective Date or as soon as administratively practicable thereafter (the "Grant Date"), the Stock Option Committee of the Board will grant to the Executive an option (the "Option") to purchase 145,822 54,091 shares of the Parent's common stock, par value $.01 (the "Common Stock") under the Parent's 1996 Stock Option Plan as may be in effect from time to time (the "1996 Stock Option Plan") at an exercise price equal to the fair market value (as defined in the 1996 Stock Option Plan) of the Common Stock on the Grant Date. The Option shall, to the maximum extent permitted by applicable law, be designated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and to the extent not allowable, the Option shall be a non-qualified stock option. To the extent that there is an insufficient number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan and the Parent has not obtained stockholder approval of an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan, the Option shall be conditioned upon the Parent obtaining stockholder approval of such an amendment. The Parent undertakes to propose, and recommend that the stockholders of the Parent approve, an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan at the next annual stockholder meeting of the Parent, which is to be held not later than June 15, 2001. Alpine, the majority stockholder of the Parent, will confirm in writing to the Parent that it would vote in favor of such an amendment.

New Option Grant. On the Effective Date or as soon as administratively practicable thereafter (the "Grant Date"), the Stock Option Committee of the Board will grant to the Executive an option (the "Option") to purchase 145,822 677,612 shares of the Parent's common stock, par value $.01 (the "Common Stock") under the Parent's 1996 Stock Option Plan as may be in effect from time to time (the "1996 Stock Option Plan") at an exercise price equal to the fair market value (as defined in the 1996 Stock Option Plan) of the Common Stock on the Grant Date. The Option shall, to the maximum extent permitted by applicable law, be designated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and to the extent not allowable, the Option shall be a non-qualified stock option. To the extent that there is an insufficient number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan and the Parent has not obtained stockholder approval of an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan, the Option shall be conditioned upon the Parent obtaining stockholder approval of such an amendment. The Parent undertakes to propose, and recommend that the stockholders of the Parent approve, an amendment to the 1996 Stock Option Plan to increase the number of shares of Common Stock available for awards granted under the 1996 Stock Option Plan at the next annual stockholder meeting of the Parent, which is to be held not later than June 15, 2001. Alpine, the majority stockholder of the Parent, will confirm in writing to the Parent that it would vote in favor of such an amendment.