Common use of The Second Option Clause in Contracts

The Second Option. The Executive was granted an additional option (the "Second Option") by VGI on July 2, 1999, to purchase four hundred thousand (400,000) common shares of VGI at an exercise price in United States currency of eleven dollars (U.S. $11.00) per common share. Subject to the provisions of Article 6 hereof and the attached Escrow Agreement, the Executive has the right to exercise the Second Option with respect to all or any part of the shares subject to the Second Option at any time or times prior to the close of business on July 6, 2009. In accordance with the provisions of the Escrow Agreement, one hundred thousand (100,000) shares shall be released from escrow on July 7, 2000, eight thousand three hundred and thirty-three (8,333) shares shall be released from escrow on each of August 7, 2000 and the seventh day of every calendar month thereafter until June 7, 2003, and eight thousand three hundred and forty-five (8,345) shares shall be released from escrow on July 7, 2003.

The Second Option. The Executive was granted an additional option (the "Second Option") by VGI on July 27, 1999, to purchase four hundred thousand (400,000) common shares of VGI at an exercise price in United States currency of U.S. eleven dollars (U.S. US $11.00) per common share. Subject to the provisions of Article 6 hereof 5 and the attached Escrow Agreement, the Executive has the right to exercise the Second Option with respect to all or any part of the shares subject to the Second Option at any time or times prior to the close of business on July 6, 2009. In accordance with the provisions of the Escrow Agreement, one hundred thousand (100,000) shares shall be released from escrow on July 7, 2000, eight thousand three hundred and thirty-thirty three (8,333) shares shall be released from escrow on each of August 7, 2000 and the seventh day of every calendar month thereafter until June 7, 2003, and eight thousand three hundred and forty-forty five (8,345) shares shall be released from escrow on July 7, 2003.