Common use of Grant of Incentive Stock Options Clause in Contracts

Grant of Incentive Stock Options. The Company hereby grants to the Optionee as of the Grant Date the right and option (the "Non-Qualified Option" and, together with the ISO Option, the “Option”) to purchase 655,000 Shares, in whole or in part (the "Non-Qualified Option Stock"), at an exercise price of One and 25/100 ($1.25) Dollars per Share, on the terms and conditions set forth in this Agreement and subject to all provisions of the Plan. If, for any reason whatsoever, the Commencement Date under the Employment Agreement shall not occur, then the grant hereunder shall become null and void, and this Agreement shall be null and void, and of no further force and effect.

Grant of Incentive Stock Options. The Company hereby grants to the Optionee as of the Commencement Date under the Employment Agreement (the “Grant Date Date”) the right and option (the "Non-Qualified Option" and, together with the ISO Option, the “Option”") to purchase 655,000 320,000 Shares, in whole or in part (the "Non-Qualified ISO Option Stock"), at an exercise price of One and 25/100 ($1.25) Dollars per Share, on the terms and conditions set forth in this Agreement and subject to all provisions of the Plan. If, for any reason whatsoever, the Commencement Date under the Employment Agreement shall not occur, then the grant hereunder shall become null and void, and this Agreement shall be null and void, and of no further force and effect.. It is intended that the ISO Option shall be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)