Nonstatutory Option. The Option is granted to purchase up to the number of shares of authorized but unissued common stock of the Company specified in Section 1 (the “Shares”). The Option will expire, and all rights to exercise it will terminate on the earliest of: (a) the date provided below in Sections 8 and 9, and (b) the Expiration Date. This Option is intended by the Company and the Optionee to be a Non-Statutory Stock Option and does not qualify for any special tax benefits to the Optionee.
Appears in 2 contracts
Sources: Director Stock Option Agreement (BioDrain Medical, Inc.), Director Stock Option Agreement (BioDrain Medical, Inc.)