Common use of Time Options Clause in Contracts

Time Options. The vesting of the stock options granted under the Company's 1997 stock option plan is hereby accelerated by the action of the Board of Directors to May 15, 1998. In addition, the entire Time Options section is hereby changed to: "Employee shall be granted, under the Company's 1998 stock option plan, incentive stock options ("Time Options") to purchase 12,568 shares of the Company's Common Stock at an exercise price of $1.44 per share. The Time Options will vest in equal installments on June 1, 1999, June 1, 2000, and May 31, 2001 which shall be evidenced by a stock option agreement (such Time Options shall be subject to adjustment in the event of a re-capitalization, stock split, rights offering, stock dividend). Sale of the shares of Common Stock issued to Employee upon the exercise of the Time Options may be subject to limitations pursuant to Rule 144 under the Securities Act of 1933. The Time Options shall be exercisable for a period of five (5) years from June 1, 1998. However, in the event this Agreement is terminated for cause or in the event Employee resigns from the employment of the Company, the vested Time Options shall be exercisable for a period of three (3) months from the date of such termination or resignation."

Time Options. The vesting of the stock options granted under the Company's 1997 stock option plan is hereby accelerated by the action of the Board of Directors to May 15, 1998. In addition, the entire Time Options section is hereby changed to: "Employee shall be granted, under the Company's 1998 stock option plan, incentive stock options ("Time Options") to purchase 12,568 17,632 shares of the Company's Common Stock at an exercise price of $1.44 per share. The Time Options will vest in equal installments on June 1, 1999, June 1, 2000, and May 31, 2001 which shall be evidenced by a stock option agreement (such Time Options shall be subject to adjustment in the event of a re-capitalization, stock split, rights offering, stock dividend). Sale of the shares of Common Stock issued to Employee upon the exercise of the Time Options may be subject to limitations pursuant to Rule 144 under the Securities Act of 1933. The Time Options shall be exercisable for a period of five (5) years from June 1, 1998. However, in the event this Agreement is terminated for cause or in the event Employee resigns from the employment of the Company, the vested Time Options shall be exercisable for a period of three (3) months from the date of such termination or resignation."

Time Options. The vesting of the stock options granted under the Company's 1997 stock option plan is hereby accelerated by the action of the Board of Directors to May 15, 1998. In addition, the entire Time Options section is hereby changed to: "Employee shall be granted, under the Company's 1998 stock option plan, incentive stock options ("Time Options") to purchase 12,568 13,407 shares of the Company's Common Stock at an exercise price of $1.44 per share. The Time Options will vest in equal installments on June 1, 1999, June 1, 2000, and May 31, 2001 which shall be evidenced by a stock option agreement (such Time Options shall be subject to adjustment in the event of a re-capitalization, stock split, rights offering, stock dividend). Sale of the shares of Common Stock issued to Employee upon the exercise of the Time Options may be subject to limitations pursuant to Rule 144 under the Securities Act of 1933. The Time Options shall be exercisable for a period of five (5) years from June 1, 1998. However, in the event this Agreement is terminated for cause or in the event Employee resigns from the employment of the Company, the vested Time Options shall be exercisable for a period of three (3) months from the date of such termination or resignation."

Time Options. The vesting of the stock options granted under the Company's 1997 stock option plan is hereby accelerated by the action of the Board of Directors to May 15, 1998. In addition, the entire Time Options section is hereby changed to: "Employee shall be granted, under the Company's 1998 stock option plan, incentive stock options ("Time Options") to purchase 12,568 12,134 shares of the Company's Common Stock at an exercise price of $1.44 per share. The Time Options will vest in equal installments on June 1, 1999, June 1, 2000, and May 31, 2001 which shall be evidenced by a stock option agreement (such Time Options shall be subject to adjustment in the event of a re-capitalization, stock split, rights offering, stock dividend). Sale of the shares of Common Stock issued to Employee upon the exercise of the Time Options may be subject to limitations pursuant to Rule 144 under the Securities Act of 1933. The Time Options shall be exercisable for a period of five (5) years from June 1, 1998. However, in the event this Agreement is terminated for cause or in the event Employee resigns from the employment of the Company, the vested Time Options shall be exercisable for a period of three (3) months from the date of such termination or resignation."