Common use of Vesting of Warrants Clause in Contracts

Vesting of Warrants. Each of the 5 successive one-year periods ------------------- commencing on _________, 1997 (the "Issue Date") and ending on the day before the first 5 anniversary dates thereof is referred to below as an "Anniversary Period". During each Anniversary Period 20% of the Aggregate Number of Warrants (an "Installment") shall be eligible to become vested. Any Warrants that are eligible to become vested during a particular Anniversary Period but that do not become vested during that Anniversary Period shall be eligible to become vested in the subsequent Anniversary Periods, in additional to the Installment for that subsequent Anniversary Period. Any Warrants that are unvested following the fifth Anniversary Period shall be forfeited and shall no longer be deemed to be outstanding, without any further action on the part of the Company. In the event of a Change of Control of the Company, all unvested Warrants shall immediately and automatically vest. The Installments that are available for vesting during any particular Anniversary Period shall become vested if, on each trading day of any 20 consecutive trading days during such Anniversary Period, (a) the change in the Market Price (as defined in Section 3.1) of the Common Shares from the Floor Price (the "Market Price Change"), expressed as a percentage, exceeds (or in the event that the Market Price Change and the Wilshire Index Change (as defined below) are both negative, is less than) (b) the change in the Wilshire Index from the Wilshire Index Floor (the "Wilshire Index Change"), expressed as a percentage, plus 5.0%. For purposes of this Paragraph 1, the following terms have the following meanings:

Vesting of Warrants. Each of the 5 successive one-year periods ------------------- commencing on _________the earlier of the closing of the Company's initial public offering of Common Shares and December 31, 1997 (the "Issue Date") and ending on the day before the first 5 anniversary dates thereof is referred to below as an "Anniversary Period". During each Anniversary Period 20% of the Aggregate Number of Warrants (an "Installment") shall be eligible to become vested. Any Warrants that are eligible to become vested during a particular Anniversary Period but that do not become vested during that Anniversary Period shall be eligible to become vested in the subsequent Anniversary Periods, in additional to the Installment for that subsequent Anniversary Period. Any Warrants that are unvested following the fifth Anniversary Period shall be forfeited and shall no longer be deemed to be outstanding, without any further action on the part of the Company. In the event of a Change of Control of the Company, all unvested Warrants shall immediately and automatically vest. The Installments that are available for vesting during any particular Anniversary Period shall become vested if, on each trading day of any 20 consecutive trading days during such Anniversary Period, (a) the change in the Market Price (as defined in Section 3.1) of the Common Shares from the Floor Price (the "Market Price Change"), expressed as a percentage, exceeds (or in the event that the Market Price Change and the Wilshire Index Change (as defined below) are both negative, is less than) (b) the change in the Wilshire Index from the Wilshire Index Floor (the "Wilshire Index Change"), expressed as a percentage, plus 5.0%. For purposes of this Paragraph 1, the following terms have the following meanings: