Common use of Initial Options Clause in Contracts

Initial Options. The Company shall grant to the Employee the right and option to purchase all or any part of an aggregate of 20,000 common shares at a price determined by the Company's Compensation Committee. Thirty-three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. 33 1/3% of the Options shall become exercisable after the second anniversary of the Grant, and an additional 33 1/3% of the Options shall become exercisable after the third anniversary thereof. In addition, no Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee the right and option to purchase all or any part of an aggregate of 20,000 common shares at a price determined by the Company's Compensation Committee. Thirty-three and one-thirds percent (33 1/3%) of the No Initial Options shall become exercisable after the first anniversary of the Grant. 33 1/3% of the Options shall become exercisable after the second anniversary of the Grant, and an additional 33 1/3% of the Options shall become exercisable after the third anniversary thereof. In addition, no Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employeeemployee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant IPO date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options initial options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options options unless and until his name is entered into the register of members of the Company in respect of such Ordinary ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or of arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee the right and option to purchase all or any part of an aggregate of 20,000 30,000 common shares at a price determined by the Company's Compensation CommitteeCommittee on October 24, 2001. Thirty-three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. 33 1/3% of the Options shall become exercisable after the second anniversary of the Grant, and an additional 33 1/3% of the Options shall become exercisable after the third anniversary thereof. In addition, no Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee Employee, subject to and effective as of the right and option consummation of the IPO, options (the "Initial Options") to purchase all or any part of an aggregate of 20,000 common shares at a price determined by per share equal to the Company's Compensation Committeeprice per share in the IPO, ordinary shares issued in the IPO (the "Ordinary Shares") equal to an aggregate value of $1.0 million (valued at the IPO per share price). Thirty-Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. IPO, 33 1/3% of the Initial Options shall become exercisable after the second anniversary of the GrantIPO, and an additional 33 1/3% of the Initial Options shall become exercisable after the third anniversary thereof. In addition, no Initial Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant IPO date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or of arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee Employee, subject to and effective as of the right and option consummation of the IPO, options (the "Initial Options") to purchase all or any part of an aggregate of 20,000 common shares at a price determined by per share equal to the price per share in the IPO, three percent of the Company's Compensation Committeeordinary shares issued in the IPO (the "Ordinary Shares"), but not to exceed an aggregate value of $12.0 million (valued at the IPO per share price). Thirty-Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. IPO, 33 1/3% of the Initial Options shall become exercisable after the second anniversary of the GrantIPO, and an additional 33 1/3% of the Initial Options shall become exercisable after the third anniversary thereof. In addition, no No Initial Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant IPO date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or of arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee the right and option to purchase all or any part of an aggregate of 20,000 10,000 common shares at a price determined by the Company's Compensation CommitteeCommittee on February 13, 2002. Thirty-three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. 33 1/3% of the Options shall become exercisable after the second anniversary of the Grant, and an additional 33 1/3% of the Options shall become exercisable after the third anniversary thereof. In addition, no Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.

Initial Options. The Company shall grant to the Employee Employee, subject to and effective as of the right and option consummation of the IPO, options (the "Initial Options") to purchase all or any part of an aggregate of 20,000 common shares at a price determined by per share equal to the price per share in the IPO, .7 of one percent of the Company's Compensation Committeeordinary shares issued in the IPO (the "Ordinary Shares"), but not to exceed an aggregate value of $2.8 million (valued at the IPO per share price). Thirty-Thirty three and one-thirds percent (33 1/3%) of the Initial Options shall become exercisable after the first anniversary of the Grant. IPO, 33 1/3% of the Initial Options shall become exercisable after the second anniversary of the GrantIPO, and an additional 33 1/3% of the Initial Options shall become exercisable after the third anniversary thereof. In addition, no Initial Option may be exercised after the earlier of (A) the date that is (i) ninety (90) days following the termination of the Employee's employment for any reason other than death, disability or Serious Cause (as defined in Section 11), or (ii) six (6) months after the termination of the Employee's employment by reason of death or disability or (iii) the date upon which the Employee's employment is terminated for Serious Cause; or (B) the tenth anniversary of the Grant IPO date. The consideration for the Ordinary Shares purchased upon exercise of the Initial Options may be paid in cash or by any other method permitted by the terms of the Company's Initial Option Plan. The issuance of any Ordinary Shares pursuant to the Initial Options shall in all events be subject to all applicable securities laws and the Employee shall enter into any agreement reasonably requested by the Company in order to ensure that all such issuances are in full compliance therewith. The Employee shall not have any of the rights and privileges of a shareholder of the Company with respect to the Ordinary Shares issuable upon any exercise of Initial Options unless and until his name is entered into the register of members of the Company in respect of such Ordinary Shares. If there is any change in the number or nature of outstanding shares of the Company's capital stock by reason of a share dividend, recapitalization, merger, consolidation, scheme or of arrangement, share split, combination or exchange, share repurchase or otherwise, which in any such case has a dilutive or anti-dilutive effect on the Ordinary Shares, the number of Ordinary Shares subject to each outstanding Initial Option, the exercise price thereof and/or other terms thereof shall be appropriately adjusted by the Board of Directors of the Company (or any committee thereof), whose determination shall be conclusive, so as to restore the option holder to his rights thereunder.be