Spectrum Overlay Sample Clauses

Spectrum Overlay. If the Company’s Spectrum Overlay product is approved by Time Warner Inc. (“Time Warner”) or Comcast Corporation (“Comcast”) and sales of the Spectrum Overlay product to either such customer generates $10 million in booked revenue on or before December 31, 2008 (the “Required Revenue”), and if the Company’s Board of Directors or Audit Committee, as applicable, determines that Consultant contributed in a material way to the completion of such orders from either Time Warner or Comcast, as the case may be, then (i) 30,000 of the outstanding and unvested Stock Options will vest immediately upon the Company’s receipt of the Required Revenue from either Time Warner or Comcast, as the case may be, and (ii) the remaining number of outstanding and unvested Stock Options (other than the number of Stock Options that may vest monthly through December 31, 2008) will vest immediately upon the Company’s subsequent receipt of the Required Revenue from either Time Warner or Comcast, as the case may be. For purposes of this Section, Consultant will be considered to have contributed to the booking of Required Revenue “in a material way” if, in the Board of Directors’ or Audit Committee’s determination, the approval and sales of our products to such customers occur as a result of his direct and active provision of the Services listed on Exhibit A. For the avoidance of doubt and as an example only, if the Company closes a Financing Event on May 31, 2007 (at which time 30,000 of the outstanding and unvested Stock Options will immediately vest) and also books the Required Revenue from Time Warner in December 2007 prior to booking the Required Revenue from Comcast, then an additional 30,000 of the outstanding and unvested Stock Options will immediately vest upon booking of the Required Revenue from Time Warner. As of December 20, 2007, an aggregate of 112,080 of the outstanding and unvested Stock Options will have vested (30,000 Stock Options related to a Financing Event, 30,000 Stock Options related to booking of Required Revenue from Time Warner and 52,080 Stock Options that vest monthly (5,208 per month for 10 months)). If the Company subsequently books the Required Revenue from Comcast in 2008, then 75,424 of the outstanding and unvested Stock Options will vest immediately upon booking of the Required Revenue from Comcast, with the remaining 62,496 Stock Options (5,208 per month for 12 months) vesting on an equal monthly basis through December [x], 2008. In all cases, the pre...
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Related to Spectrum Overlay

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