Common use of Common Stock Purchase Options Clause in Contracts

Common Stock Purchase Options. Upon closing of the purchase of 100% of the equity interests of the Company by the Parent, Executive will be issued an incentive stock option, as defined in the Internal Revenue Code of 1986, as amended, to purchase up to 2,000,000 common shares, par value $.001, of Parent. The exercise price of the incentive stock options will be equal to the fair market value of Parent's common stick, determined with reference to the price of the last sale of Parent common stock as reported by the Electronic Bulletin Board on the day of closing of the purchase and sale. One-third of the original number of options may be exercised respectively on the first, second and third anniversary of the closing of the purchase and sale. The options will expire ten years after the closing of the purchase and sale.

Common Stock Purchase Options. Upon closing of the purchase of 100% of the equity interests of the Company by the Parent, Executive will be issued an incentive stock option, as defined in the Internal Revenue Code of 1986, as amended, to purchase up to 2,000,000 200,000 common shares, par value $.001, of Parent. The exercise price of the incentive stock options will be equal to the fair market value of Parent's ’s common stick, determined with reference to the price of the last sale of Parent common stock as reported by the Electronic Bulletin Board on the day of closing of the purchase and sale. One-third of the original number of options may be exercised respectively on the first, second and third anniversary of the closing of the purchase and sale. The options will expire ten three years and three months after the closing of the purchase and sale.