Common use of Granting of Options Clause in Contracts

Granting of Options. The Board may from time to time in the manner herein provided grant options ("Options") to purchase common shares ("Shares") of the Corporation to directors, officers, employees or area managers or arm's length consultants of the Corporation and may provide for the number of Shares to be optioned to each such director, officer, employee, area manager or arm's length consultant.. Options shall be exercised on or prior to a date determined by the Board of Directors at the date of the grant, which shall be no later than ten years from the date of the grant and shall be subject to the terms, conditions, limitations and prohibitions as are herein contained or as may be in effect at the date of the grant.