Common use of GRANT OF PARENT OPTION Clause in Contracts

GRANT OF PARENT OPTION. Subject to the terms and conditions set forth herein, the Stockholder hereby grants to Parent an option ("PARENT OPTION") to purchase for cash all, but not less than all, of the Common Stock (including, without limitation, the Shares) beneficially owned or controlled by the Stockholder as of the date hereof, or beneficially owned or controlled by the Stockholder at any time hereafter (including, without limitation, shares acquired by way of exercise of options, warrants or other rights to purchase Common Stock or by way of dividend, distribution, exchange, merger, consolidation, recapitalization, reorganization, stock split, grant of proxy or otherwise) by the Stockholder (as adjusted as set forth herein) (the "OPTION SHARES") at a purchase price of $19.00 per Option Share, or any higher price that may be paid in the Offer or the Merger (the "PURCHASE PRICE").