Common use of TIME OF EXERCISE OF THE OPTION Clause in Contracts

TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(b) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 2000; (ii) on and after September 25, 2000, the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on and after September 25, 2001, the Option may be exercised as to an additional seventy five thousand shares covered thereby; and (iv) on and after September 25, 2002, the Option may be exercised as to the remaining seventy five thousand shares covered thereby. (b) Notwithstanding Section 2(a) hereof, the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Company. For the purposes of this Section 2(b), a "Change in Control" of the Company shall be deemed to have occurred if: (i) any person (as defined in Section 13(d) or 14(d)(2) of the ▇▇▇▇ ▇▇▇) shall have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities; (ii) the Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors;

TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(b) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 20001997; and (ii) on and after September 25, 20001997, the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on . On and after September 25, 20011998, the Option may be exercised as to an additional seventy seventy-five thousand shares covered thereby; and (iv) on . On and after September 25, 20021999, the Option may be exercised as to the remaining seventy seventy-five thousand shares covered thereby. (b) Notwithstanding Section 2(a) hereof), the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Company. For the purposes of this Section subsection 2(b), a "Change in Control" of the Company shall be deemed to have occurred if: (i) any person (as defined in Section 13(d) or 14(d)(2) of the ▇▇▇▇ ▇▇▇) shall have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities; (ii) the Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 1996 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors;

TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(bSECTIONS 2(B) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 2000; 2003, (ii) on and after September 25, 2000, 2003 the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on and after September 25, 20012004, the Option may be exercised as to an additional seventy seventy-five thousand shares covered thereby; and (iv) on and after September 25, 20022005, the Option may be exercised as to the remaining seventy seventy-five thousand shares covered thereby. (b) Notwithstanding Section 2(aSECTION 2(A) hereof, the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Companycompany. For the purposes of this Section 2(bSECTION 2(B), a "Change in Control" of the Company company shall be deemed to have occurred if: (i) any person (as defined in Section 13(d) or 14(d)(2) of the ▇▇▇▇ ▇▇▇) shall have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities; (ii) the The Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors.;

TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(b) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 20001997; and (ii) on and after September 25, 20001997, the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on . On and after September 25, 20011998, the Option may be exercised as to an additional seventy seventy-five thousand shares covered thereby; and (iv) on . On and after September 25, 20021999, the Option may be exercised as to the remaining seventy seventy-five thousand shares covered thereby. (b) Notwithstanding Section 2(a) hereof), the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Company. For the purposes of this Section subsection 2(b), a "Change in Control" of the Company shall be deemed to have occurred if: (i) any person (as defined in Section 13(d) or 14(d)(2) of the ▇▇▇▇ 1934 ▇▇▇) shall ▇▇all have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities; (ii) the Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 1996 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors;

TIME OF EXERCISE OF THE OPTION. (a) Subject always to the provisions of Sections 2(b) and 3 hereof and the terms and conditions of the Employment Agreement: (i) the Option may not be exercised prior to September 25, 20001997; and (ii) on and after September 25, 20001997, the Option may be exercised as to seventy-five thousand shares covered thereby; (iii) on . On and after September 25, 20011998, the Option may be exercised as to an additional seventy five thousand shares covered thereby; and (iv) on . On and after September 25, 20021999, the Option may be exercised as to the remaining seventy five thousand shares covered thereby. (b) Notwithstanding Section 2(a) hereof), the Option may be exercised as to all of the shares covered thereby upon the occurrence of a Change in Control of the Company. For the purposes of this Section subsection 2(b), a "Change in Control" of the Company shall be deemed to have occurred if: (i) any person (as defined in Section 13(d) or 14(d)(2) of the ▇▇▇▇ 1934 ▇▇▇) shall have become the beneficial owner of 50 percent or more of the combined voting power of the Company's voting securities; (ii) the Continuing Directors and the Optionee shall have ceased for any reason to constitute a majority of the Board of Directors of the Company. For this purpose, a "Continuing Director" shall include member of the Board of Directors of the Company as of September 26, 1999 1996 and any person nominated for election to the Board of Directors of the Company by a vote of a majority of the then Continuing Directors;