Common use of Initial Vesting Clause in Contracts

Initial Vesting. The Option shall vest to the --------------- extent of 15,000 Option Shares (A) for each (i) OEM order obtained or (ii) alliance or partnership entered into between the Company and a third party as a result of the Optionee's efforts (any such order, alliance or partnership shall be a "Transaction"), up to a maximum of five (5) such Transactions or an aggregate of 75,000 Option Shares, and (B) a majority of the non-employee directors of the Company then in office (excluding the Optionee if he is then a non-employee director) authorized the Company to enter into the Transaction and also agreed that the Transaction would give rise to vesting of the Option under this Section 2.1 or Section 2.2 hereof (any such approved Transaction shall be a "Vesting Transaction"). The non-employee directors' approval of a Transaction and agreement that such Transaction would be a Vesting Transaction shall be in their discretion, and such decision shall be final and binding on the Company and the Optionee. The Company shall give notice to the Optionee of the decision of the non-employee directors as to whether a proposed Transaction became a Vested Transaction.

Initial Vesting. The Option shall vest to the --------------- extent of 15,000 _______ Option Shares (A) for each (i) OEM order obtained or (ii) alliance or partnership entered into between the Company and a third party as a result of the Optionee's efforts (any such order, alliance or partnership shall be a "Transaction"), up to a maximum of five (5) such Transactions or an aggregate of 75,000 Option Shares, and (B) a majority of the non-employee directors of the Company then in office (excluding the Optionee if he is then a non-employee director) authorized the Company to enter into the Transaction and also agreed that the Transaction would give rise to vesting of the Option under this Section 2.1 or Section 2.2 hereof (any such approved Transaction shall be a "Vesting Transaction"). The non-employee directors' approval of a Transaction and agreement that such Transaction would be a Vesting Transaction shall be in their discretion, and such decision shall be final and binding on the Company and the Optionee. The Company shall give notice to the Optionee of the decision of the non-employee directors as to whether a proposed Transaction became a Vested Transaction.