Common use of Restrictions on Exercisability Clause in Contracts

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 5,000 Options; (b) December 31, 2006 = 5,000 Options; December 31, 2007 = 5,000 Options; December 31, 2008 = 5,000 Options; and January 31, 2009 = 60,000 Options. 4.5.2 Assume 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 6,666 Options; (b) December 31, 2007 = 6,667 Options; (c) December 31, 2008 = 6,667 Options; and January 31, 2009 = 60,000 Options.

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 80,000 8,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 5,000 500 Options; (b) December 31, 2006 = 5,000 500 Options; December 31, 2007 = 5,000 500 Options; December 31, 2008 = 5,000 500 Options; and January 31, 2009 = 60,000 6,000 Options. 4.5.2 Assume 80,000 16,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 6,666 1,320 Options; (b) December 31, 2007 = 6,667 1,320 Options; (c) December 31, 2008 = 6,667 1,360 Options; and January 31, 2009 = 60,000 12,000 Options.

Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate: 4.5.1 Assume 80,000 480,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 5,000 30,000 Options; (b) December 31, 2006 = 5,000 30,000 Options; December 31, 2007 = 5,000 30,000 Options; December 31, 2008 = 5,000 30,000 Options; and January 31, 2009 = 60,000 360,000 Options. 4.5.2 Assume 80,000 340,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 6,666 28,050 Options; (b) December 31, 2007 = 6,667 28,050 Options; (c) December 31, 2008 = 6,667 28,900 Options; and January 31, 2009 = 60,000 255,000 Options.