Common use of Time to Exercise Clause in Contracts

Time to Exercise. This Option shall vest and be exercisable in installments as follows: (a) Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 1999 3,000 shares (b) Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 2000 3,000 shares (c) Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 2001 3,000 shares (d) Upon the e-election of the Optionee as a Director of the Company at its Annual Meeting held on 2002 3,000 shares To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, in any subsequent period. Anything in this Agreement to the contrary notwithstanding, this Option shall terminate and no part of the Option may be exercised after 5:00 p.m. on December 17, 2007.

Time to Exercise. This Option shall vest and be exercisable in installments as follows: (a) Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 1999 3,000 shares (b) Upon b)Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 2000 3,000 shares (c) Upon c)Upon the re-election of the Optionee as a Director of the Company at its Annual Meeting held in 2001 3,000 shares (d) Upon d)Upon the e-election of the Optionee as a Director of the Company at its Annual Meeting held on 2002 3,000 shares To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, in any subsequent period. Anything in this Agreement to the contrary notwithstanding, this Option shall terminate and no part of the Option may be exercised after 5:00 p.m. on December 17, 2007.