Common use of Initial Stock Option Grant Clause in Contracts

Initial Stock Option Grant. Immediately following the Closing, -------------------------- Executive shall be granted a non-qualified phantom share option (for a term expiring ten years thereafter) to purchase phantom ordinary shares of the Parent Company, the number of which shall equal two times Executive's Base Salary divided by the then current fair market value of a share of the Parent Company (the "Option"). Executive's right to exercise the Option shall vest in 25% increments on each of the first four anniversaries of the Effective Date, if, in each case, Executive is then employed by the Company (except that in the case of death, disability, as defined in Section 5.1, or removal without cause, as provided in Section 5.4(b), Executive shall be fully vested in the Option). The terms of the Option, to the extent not inconsistent with the provisions outlined in this Section, shall be made subject to the terms of the Parent Company's Phantom Share Option Scheme.