Shareholder Rights. No Holder will have any rights as a shareholder of the Company as a result of the grant of an Option, pending the exercise of the Option and actual delivery of the Shares subject to such Option to such Holder.

No Shareholder Rights.Rights Before Exercise. No Holder willperson shall have any of the rights asof a shareholder of the Company as a result ofwith respect to any Shares subject to the grant of an Option, pendingOption until the Shares actually are issued to him/her upon exercise of the Option and actual delivery of the Shares subject to such Option to such Holder.Option.

ShareholderNo Stockholder Rights. No Holder willNeither the Grantee, nor any person entitled to exercise the Option, shall have any rights as a shareholder of the Company asrights and privileges of a result ofstockholder with respect to the grant of anShares subject to the Option, pendinguntil certificates or book entries for Shares have been issued upon the exercise of the Option and actual delivery of the Shares subject to such Option to such Holder.Option.

Stockholder Rights. NoThe Holder willshall not have any of the rights asof a shareholderstockholder with respect to the Option Shares until such shares have been issued after the due exercise of the Option. Nothing contained in this Agreement shall be deemed to confer upon Holder any right to continued employment or association with the Company or any subsidiary thereof, nor shall it interfere in any way with the right of the Company as a result ofto terminate Holder in accordance with the grant of an Option, pendingprovisions regarding such termination set forth in Holder's written employment agreement with the exercise of the Option and actual delivery of the Shares subjectCompany, or if there exists no such agreement, to such Option to such Holder.terminate Holder at will.