Common use of Grant of Stock Option Clause in Contracts

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 45,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 424,200 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 5,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 336,100 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 13,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 20,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 15,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 22,000 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 22,500 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 7,500 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".

Grant of Stock Option. Subject to the terms and conditions contained herein, the Corporation hereby grants Optionee the right, privilege and option to purchase up to 10,000 239,700 of the Reserved Shares, at an exercise price of Forty Cents ($0.40) per share (the "Option Shares"). The grant of this option shall be effective as of the Grant Date; provided, however, that the option granted herein shall vest in the Optionee as provided in Section 2 hereof. The approximate fair market value of the shares of the Reserved Shares is $1.50 per shares as of the Grant Date. This option is hereby designated a "nonqualified option".