Common use of Issuance of Stock Options Clause in Contracts

Issuance of Stock Options. Executive shall receive options for ------------------------- the purchase of 50,000 shares of the Company's common stock (the "Common Stock" ------------ upon implementation of the Company's employee stock option plan on the earlier of the of consummation of the Company's initial public offering pursuant to a registration statement on Form S-1 declared effective by the Securities and Exchange Commission (the "IPO") or June 30, 1999. The options will vest as --- follows: the first 1/4 of the shares (or 12,500 shares) will vest on the first anniversary of the earlier of the IPO or June 30, 2000. The remaining 3/4 of the shares exercisable pursuant to the options (or 37,500 shares) shall vest at the rate of 1/36 per month thereafter (or 1,041.67 shares per month). All options shall be fully vested no later than the earlier of (i) a "change in control" of the Company occurs (as such term is defined under the rules promulgated under the Securities Act of 1933, as amended); (ii) the fourth anniversary of the IPO; or (iii) June 30, 2003. Executive will be eligible for grants of additional options during the Employment Period approved by the Board based on Executive's and the Company's performance. All shares and options issued to Executive shall be made through stock purchase agreements or options agreements, as appropriate, based on the Company's standard form for its executives.

Issuance of Stock Options. Executive shall receive options for ------------------------- the purchase of 50,000 200,000 shares of the Company's common stock (the "Common ------ Stock" ------------ ") upon implementation of the Company's employee stock option plan on the ----- earlier of the of consummation of the Company's initial public offering pursuant to a registration statement on Form S-1 declared effective by the Securities and Exchange Commission (the "IPO") or June 30, 1999. The options will vest as --- follows: the first 1/4 of the shares (or 12,500 50,000 shares) will vest on the first anniversary of the earlier of the IPO or June 30, 2000. The remaining 3/4 of the shares exercisable pursuant to the options (or 37,500 150,000 shares) shall vest at the rate of 1/36 per month thereafter (or 1,041.67 4,167 shares per month). All options shall be fully vested no later than the earlier of (i) a "change in control" of the Company occurs (as such term is defined under the rules promulgated under the Securities Act of 1933, as amended); (ii) the fourth anniversary of the IPO; or (iii) June 30, 2003. Executive will be eligible for grants of additional options during the Employment Period approved by the Board based on Executive's and the Company's performance. All shares and options issued to Executive shall be made through stock purchase agreements or options agreements, as appropriate, based on the Company's standard form for its executives.

Issuance of Stock Options. Executive shall receive options for ------------------------- the purchase of 50,000 200,000 shares of the Company's common stock (the "Common ------ Stock" ------------ ") upon implementation of the Company's employee stock option plan on the earlier of the of consummation of the Company's initial public offering pursuant to a registration statement on Form S-1 declared effective by the Securities and Exchange Commission (the "IPO") or June 30, 1999. The options will vest as --- follows: the first 1/4 of the shares (or 12,500 50,000 shares) will vest on the first anniversary of the earlier of the IPO or June 30, 2000. The remaining 3/4 of the shares exercisable pursuant to the options (or 37,500 150,000 shares) shall vest at the rate of 1/36 per month thereafter (or 1,041.67 4,167 shares per month). All options shall be fully vested no later than the earlier of (i) a "change in control" of the Company occurs (as such term is defined under the rules promulgated under the Securities Act of 1933, as amended); (ii) the fourth anniversary of the IPO; or (iii) June 30, 2003. Executive will be eligible for grants of additional options during the Employment Period approved by the Board based on Executive's and the Company's performance. All shares and options issued to Executive shall be made through stock purchase agreements or options agreements, as appropriate, based on the Company's standard form for its executives.