Common use of Vesting and Term of Option Clause in Contracts

Vesting and Term of Option. (a) The Option may not be exercised, in whole or in part, prior to July 1, 1999. The Option may be exercised in whole or in part, at any time, or from time to time, on or after July 1, 1999 and on or before the close of business on June 30, 2008, or such shorter period as is prescribed herein. (b) Notwithstanding the vesting provision contained in Section 2(a) above, but subject to the other terms and conditions set forth herein, the Option may be exercised, in whole or in part, at any time, or from time to time, following the occurrence of a “Change of Control”, as hereinafter defined. (c) For the purpose of this Agreement, a “Change of Control” shall mean:

Vesting and Term of Option. (a) The Option may not be exercised, in whole or in part, prior to July 1, 1999. The Option may be exercised exercised, in whole or in part, at any time, or from time to time, on or after July 1, 1999 and on or before the close of business on June 30, 2008, or such shorter period as is prescribed herein. (b) Notwithstanding the vesting provision contained in Section 2(a) above, but subject to the other terms and conditions set forth herein, the Option may be exercised, in whole or in part, at any time, or from time to time, following the occurrence of a “"Change of Control”", as hereinafter defined. (c) For the purpose of this Agreement, a “"Change of Control” " shall mean: