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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
12/05/05;
(ii) the expiration of three (3) months from the
date of Optionee’s termination of employment or service
with the Company for any reason other than death or
because Optionee becomes disabled (within the meaning
of Section 22(e)(3) of the Code) (unless the exercise
period is extended by the Committee until a date not
later than the expiration date of the Option) * * *
The agreement pertaining to the grant of the option to purchase
the 75,000 shares 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
11/07/06;
(ii) the expiration of three (3) months from the
date of Optionee’s termination of employment or service
with the Company for any reason other than death or
because Optionee becomes disabled (within the meaning
of Section 22(e)(3) of the Code) (unless the exercise
period is extended by the Committee until a date not
later than the expiration date of the Option) * * *
c. Third Option
Petitioner was granted an option to purchase 27,500 shares
of CTI common stock at $16.0625 per share under the CTI 1994
Equity Incentive Plan Incentive Stock Option Agreement entered
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Last modified: November 10, 2007