Common use of Grant of Purchase Option Clause in Contracts

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its personal representative, as the case may be, at the purchase price of $.01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (i) On the date of this Agreement, 745,975 shares will be released from the Purchase Option. (ii) On the first day of each month commencing with October 1, 1998, an additional one forty-eighth (1/48th) of the shares of Stock (43,875) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its his personal representative, as the case may be, at the purchase price of $.01 ____ per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (ia) On __________, 199_, one-eighth (1/8th) of the date shares of this Agreement, 745,975 shares will the Stock. (______ shares) shall be released from the Purchase Option.; (iib) On At the first day end of each full month commencing with October 1elapsing after __________, 1998199_, an additional one forty-eighth second (1/48th1/42nd) of the remaining _______ shares of Stock (43,875______ shares) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its personal representative, as the case may be, at the purchase price of $.01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (i) On 1/4 (25%) of the date shares of this Agreement, 745,975 shares will the Stock (58,500 shares) shall be released from the Purchase Option.Option on January 1, 1999; (ii) On the first day of each month commencing with October February 1, 19981999, an additional one forty-eighth (1/48th) of the shares of Stock (43,8754,875 shares) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its personal representative, as the case may be, at the purchase price of $.01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (i) On 1/4 (25%) of the date shares of this Agreement, 745,975 shares will the Stock (15,000 shares) shall be released from the Purchase Option.Option on April 1, 1999; (ii) On the first day of each month commencing with October May 1, 19981999, an additional one forty-eighth (1/48th) of the shares of Stock (43,8751,250 shares) will be released from the Purchase Option.