Common use of Schedule of Rights to Exercise Clause in Contracts

Schedule of Rights to Exercise. The Options shall vest and become exercisable fully on the Initial Vesting Date and shall expire at 5:30 P.M. Houston, Texas time, on April 21, 2004. The Initial Vesting Date shall mean the later of (i) the date the Plan is approved by the Company's shareholders or (ii) the date that the Company's Market Capitalization, as hereinafter defined, is at least $25,000,000. The period during which the Options may be exercised is referred to as the Option Exercise Period. To the extent that the Options become exercisable, they shall be called "Vested Options."