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a. First Options
Petitioner was granted options to purchase 20,000 shares and
10,000 shares of CTI common stock at $4.50 per share under the
CTI 1992 Stock Option Plan Incentive Stock Option Agreement
entered into as of December 20, 1993. The agreement pertaining
to these options contained the following recital:
Termination of Option.
A vested Option shall terminate, to the extent not
previously exercised, upon the occurrence of one of the
following events:
(i) ten (10) years from the date of grant; or
12/20/03;
(ii) the expiration of ninety (90) days from the
date of Optionee’s termination of employment with the
Company for any reason other than death or disability
(as defined in the Plan), (unless the exercise period
is extended by the Plan Administrator until a date not
later than the expiration date of the Option) * * *
b. Second Options
Petitioner was granted options to purchase 70,000 shares and
75,000 shares of CTI common stock at $3.35 per share under the
CTI 1994 Equity Incentive Plan Incentive Stock Option Agreements
entered into as of December 5, 1995, and November 7, 1996,
respectively. The agreement pertaining to the grant of the
option to purchase the 70,000 shares contained the following
recital:
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