Common use of The Options Clause in Contracts

The Options. The employee participating in this Agreement, the trust and the option entitlement arrangement is hereby granted and given options upon the terms and conditions and at the times set forth below: 6.1 A conditional and suspensive right upon the cumulative fulfillment of the terms and conditions detailed below and the terms and conditions detailed in the Option Plan and in the Trust Agreement to receive by way of an allotment of _______________ Ordinary "B" Shares of the Company. Until the registration of the shares in the employees name in accordance with the Option Plan and the Trust Agreement as mentioned above, the Participating Employee is granted the right that his name be registered in List "1" with a notation of the option for the specific number of shares specified above. 6.2 The terms and conditions: The Participating Employee's right to convert the options held in trust on his behalf by the Trustee into shares that shall be actually allotted in his name is conditional and suspensive upon the fulfillment of all the following terms and conditions: 6.2.1 Every actual period of employment with the Company of at least 24 months from the participation date shall confer the right to convert 1/3 (a third) of the number of shares specified in the options into shares. 6.2.2 Every month of continuous and cumulative period of employment exceeding the first 24 months shall confer the right to convert a further 1/24 (one twenty-fourth) from the balance of 2/3 (two-thirds) of the total number of shares specified in the option, into shares actually allotted, in an allotment at the end of the cumulative period. 6.2.3 After a continuous and cumulative actual period of employment with the Company of 48 months, the beneficiary's right shall be exhausted and the validity of the trust in relation to him shall expire. 6.2.4 The exercise of the right to an actual allotment of "B" Ordinary Shares is further conditional and suspensive upon the payment of $0.5 (fifty cents) according to the representative rate known at the time of the allotment in respect of the right to each share.

The Options. The employee participating in this Agreement, the trust and the option entitlement arrangement is hereby granted and given options upon the terms and conditions and at the times set forth below: 6.1 A conditional and suspensive right upon the cumulative fulfillment of the terms and conditions detailed below and the terms and conditions detailed in the Option Plan and in the Trust this Agreement to receive by way of an allotment of _______________ Class B Ordinary "B" Shares of nominal value NIS 0.01 of the Company. Until the registration of the shares in the employees name in accordance with the Option Plan and the Trust Agreement as mentioned above, the Participating Employee is granted the right that his name be registered in List "1" with a notation of the option for the specific number of shares specified above. 6.2 The terms and conditions: The Participating Employee's right to convert the options held in trust on his behalf by the Trustee into shares that shall be actually allotted in his name is conditional and suspensive upon the fulfillment of all the following terms and conditions: 6.2.1 Every actual period of employment with the Company of at least 24 months from the participation date shall confer the right to convert 1/3 (a third) of the number of shares specified in the options into shares. 6.2.2 Every month of continuous and cumulative period of employment exceeding the first 24 months shall confer the right to convert a further 1/24 (one twenty-fourth) from the balance of 2/3 (two-thirds) of the total number of shares specified in the option, into shares actually allotted, in an allotment at the end of the cumulative period. 6.2.3 After a continuous and cumulative actual period of employment with the Company of 48 months, the beneficiary's right shall be exhausted and the validity of the trust in relation to him shall expire. 6.2.4 The exercise of the right to an actual allotment of "B" Class B Ordinary Shares is further conditional and suspensive upon the payment of $0.5 5.10 (fifty five dollars and ten cents) according to the representative rate known at the time of the allotment in respect of the right to each share. 6.2.5 In the event that conditions are imposed by the authorities as conditions