Common use of Terms of Exercise Clause in Contracts

Terms of Exercise. This Option shall be exercisable as to 80,000 Shares on March 1, 2002 and as to an additional 80,000 Shares on the first day of each month thereafter until the end of February, 2003 after which date it shall be exercisable as to all of 1,000,000 Shares (less any for which it has been exercised).As an example, on and after March 1, 2002 the Director may exercise this Option as to 80,000 Shares; on and after April 1, 2002 the Director may exercise this Option as to 160,000 Shares (less any Shares as to which the Director has already exercised this Option);and so on until the Director has either exercised this Option as to all of the 1,000,000 Shares or this Option has earlier lapsed,whichever first occurs. Subject to the other terms of this Agreement,as to any number of Shares for which this Option may then be exercised,this Option shall be exercisable at any time and from time to time in whole or in part until the end of the day on a date three (3) years from the date hereof, and upon the third anniversary of this agreement,this Option shall terminate as to any Shares which have not by then been purchased.

Terms of Exercise. This Option shall be exercisable as to 80,000 Shares on March 1, 2002 and as to an additional 80,000 Shares on the first day of each month thereafter until the end of February, 2003 after which date it shall be exercisable as to all of 1,000,000 Shares (less any for which it has been exercised).As an example, on and after March 1, 2002 the Director may exercise this Option as to 80,000 Shares; on and after April 1, 2002 the Director may exercise this Option as to 160,000 Shares (less any Shares as to which the Director has already exercised this Option);and so on until the Director has either exercised this Option as to all of the 1,000,000 Shares or this Option has earlier lapsed,, whichever first occurs. Subject to the other terms of this Agreement,, as to any number of Shares for which this Option may then be exercised,, this Option shall be exercisable at any time and from time to time in whole or in part until the end of the day on a date three (3) years from the date hereof, and upon the third anniversary of this agreement,, this Option shall terminate as to any Shares which have not by then been purchased.