name / content / group

content: 497645

name: Option

OPTION. The Company hereby grants Optionee an option ("Option") to purchase Four Hundred Fifty Thousand (450,000) shares of Common Stock (the "Option Stock") for Three Dollars and 60/100 (3.60) per share ("Option Price"), subject to adjustment for the Reverse Stock Split and for such other adjustments as hereinafter provided. If the Reverse Stock Split precedes the IPO and both occur by January 1, 1997, the number of shares of Option Stock shall be adjusted as provided in Section 6 hereof but the "Option Price" shall be adjusted as of the date of the consummation of the IPO to be the price to the public per share in the IPO net of all underwriting discounts and selling concessions, notwithstanding anything to the contrary in Section 6 hereof. Thereafter and in all other cases, the Option Stock and Option Price shall be subject to adjustment as provided elsewhere herein. Except as otherwise provided herein, the Option shall become exercisable in accordance with Section 3 hereof and, unless sooner terminated pursuant to this Agreement, shall remain exercisable until 5:00 p.m. Eastern Time on October 23, 2004 ("Exercise Period").
OPTION. The Company hereby grants Optionee an option ("Option") to purchase Four Hundred Fifty Thousand (450,000) shares of Common Stock (the "Option Stock") for Three Dollars and 60/100 ($3.60) per share ("Option Price"), subject to adjustment for the Reverse Stock Split and for such other adjustments as hereinafter provided. If the Reverse Stock Split precedes the IPO and both occur by January 1, 1997, the number of shares of Option Stock shall be adjusted as provided in Section 6 hereof but the "Option Price" shall be adjusted as of the date of the consummation of the IPO to be the price to the public per share in the IPO net of all underwriting discounts and selling concessions, notwithstanding anything to the contrary in Section 6 hereof. Thereafter and in all other cases, the Option Stock and Option Price shall be subject to adjustment as provided elsewhere herein. Except as otherwise provided herein, the Option shall become exercisable in accordance with Section 3 hereof and, unless sooner terminated pursuant to this Agreement, shall remain exercisable until 5:00 p.m. Eastern Time on October 23, 2004 ("Exercise Period").