Common use of Option to Purchase Shares Clause in Contracts

Option to Purchase Shares. Swifty hereby grants to Consultant the option to purchase from Swifty an additional one million (1,000,000) shares of Swifty's common stock at a price of fifty cents ($.50) per share. Consultant acknowledges that such shares, when issued, shall be restricted shares as defined above. The option provided for herein may be exercised at any time up to the third anniversary of the execution of this Agreement. This option may be exercised on one or more occasions for all or any portion of the said one million (1,000,000) shares. The options shares shall have the same "piggy back rights" as provided for the shares to be issued pursuant to paragraph 3 of this Agreement.