Common use of Fourth Installment Clause in Contracts

Fourth Installment. Up to an additional 25% of the total optioned shares at any time on or after July 1, 2000; If an installment covers a fractional share, such installment will be rounded off to the next highest share, except the final installment, which will be for the balance of the total optioned shares. In the event that (i) the Option Holder terminates her employment without Good Reason, or (ii) the Company terminates her employment for Cause, this option will only be exercisable to the extent that the Option Holder could have exercised it on the date of her termination of employment. If the Option Holder's employment with the Company is (i) terminated by her for Good Reason, (ii) by the Company for any reason other than Cause, or (iii) due to her death or disability which lasts (or is likely, based on reasonable medical evidence, to last) for more than six consecutive months and renders her unable to perform her duties, then this option will be exercisable to the extent that it would have been exercisable one day after the end of the Company's fiscal year in which the Option Holder's employment is terminated. In the event that the Company undergoes a Change in Control, this option shall immediately be exercisable in full and the Option Holder shall be entitled to purchase the balance of the total optioned shares not yet purchased. The terms "Good Reason," "Cause" and "Change in Control" shall have the same meanings as in the Option Holder's Employment Agreement.

Fourth Installment. Up to an additional 25% of Twenty-Five Thousand (25,000) shares when the total optioned shares at any time on or after July 1, 2000Company's closing stock price has averaged Three Dollars ($3.00) for a three (3) month period; If an installment covers a fractional share, such installment will be rounded off to the next highest share, except the final installment, which will be for the balance of the total optioned shares. In the event that (i) the Option Holder terminates her employment without Good Reason, or (ii) the Company terminates her employment for Cause, this option will only be exercisable to the extent that the Option Holder could have exercised it on the date of her termination of employment. If the Option Holder's employment with the Company is (i) terminated by her for Good Reason, (ii) by the Company for any reason other than Cause, or (iii) due to her death or disability which lasts (or is likely, based on reasonable medical evidence, to last) for more than six consecutive months and renders her unable to perform her duties, then this option will be exercisable to the extent that it would have been exercisable one day after at the end of the Company's fiscal year in which the Option Holder's employment is terminated. In the event that the Company undergoes a Change in Control, this option shall immediately be exercisable in full and the Option Holder shall be entitled to purchase the balance of the total optioned shares not yet purchased. The terms "Good Reason," "Cause" and "Change in Control" shall have the same meanings as in the Option Holder's Employment Agreement.