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into as of December 9, 1997. The agreement pertaining to this
option 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
12/09/07;
(ii) the expiration of three (3) months from the
date of Optionee’s termination of employment 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) * * *
d. Fourth Option
Petitioner was granted an option to purchase 35,000 shares
of CTI common stock at $2.969 per share under the CTI 1994 Equity
Incentive Plan Incentive Stock Option Agreement entered into as
of December 10, 1998. The agreement pertaining to this option
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
December 10, 2008;
(ii) the expiration of three (3) months from the
date of Optionee’s termination of employment 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
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