Common use of Grant of Nonqualified Stock Option Clause in Contracts

Grant of Nonqualified Stock Option. Subject to the terms and conditions hereinafter set forth, the Company, with the approval and at the direction of the Committee, hereby grants to the Grantee, as of the Date of Grant, an option to purchase a total of up to 2,250,000 shares of Stock, including (i) up to 375,000 shares of Stock at a price of $0.50 per share and (ii) up to 1,875,000 shares of Stock at a price of $1.00 per share. Such option is hereinafter referred to as the “Option” and the shares of stock purchasable upon exercise of the Option are hereinafter sometimes referred to as the “Option Shares.”

Grant of Nonqualified Stock Option. Subject to the terms and conditions hereinafter set forth, the Company, with the approval and at the direction of the Committee, hereby grants to the Grantee, as of the Date of Grant, an option to purchase a total of up to 2,250,000 750,000 shares of Stock, including (i) up to 375,000 shares of Stock at a price of $0.50 per share and (ii) up to 1,875,000 375,000 shares of Stock at a price of $1.00 per share. Such option is hereinafter referred to as the “Option” and the shares of stock purchasable upon exercise of the Option are hereinafter sometimes referred to as the “Option Shares.”