Common use of Grant of the Options Clause in Contracts

Grant of the Options. Subject to the terms and conditions of this Agreement, the Corporation hereby grants to Optionee the right to purchase (individually referred to as the "Option" or collectively referred to as the "Options") from the Corporation 1,279,722 shares of the Common Stock (the "Option Shares"), subject to the following vesting schedule, at the per share purchase price equal to $.63, the closing price of the Corporation's Common Stock on January 23, 2001: Option Shares shall vest in 8 equal tranches on June 30th and December 31st of 2001, 2002, 2003 and 2004, respectively.

Grant of the Options. Subject to the terms and conditions of this Agreement, the Corporation hereby grants to Optionee the right to purchase (individually referred to as the "Option" or collectively referred to as the "Options") from the Corporation 1,279,722 451,667 shares of the Common Stock (the "Option Shares"), subject to the following vesting schedule, at the per share purchase price equal to $.63, the closing price of the Corporation's Common Stock on January 23, 2001: Option Shares shall vest in 8 equal tranches on June 30th and December 31st of 2001, 2002, 2003 and 2004, respectively.