THE OPTION GRANT. (a) Upon the execution hereof, the Company grants to the Optionholder the right and option to purchase Option Shares (or ________ option shares following the contemplated one for six reverse stock split), at a price (the "Exercise Price") of $.1667 per share (or $1.00 per share following the contemplated 1-for-6 reverse stock split). (b) The Option shall be exercisable for a period of four (4) years from the date hereof; provided however, that in the event that the Optionholder ceases to be employed by, or retained as a consultant to, the Company, for any reason whatsoever, then this Option Agreement shall terminate 90 days following the date of such termination, or resignation, as the case may be, and the Optionholder shall have no further rights under this Option Agreement.
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THE OPTION GRANT. (a) Upon the execution hereof, the Company grants to the Optionholder the right and option to purchase Option Shares (or __________ option shares following the contemplated one for six (_____) Option Shares (adjusted to reflect any stock splits, reverse stock splitsplits recapitalizations or other business combinations), at a price (the "Exercise Price") of $.1667 per share (or $1.00 per share following the contemplated 1-for-6 reverse stock split).
(b) The Option shall be exercisable for a period of four (4) years from the date hereof; provided however, that in the event that the Optionholder ceases to be employed by, or by [retained as a consultant to, ] the Company, for any reason whatsoever, then this Option Agreement shall terminate 90 days following the date of such termination, or resignation, as the case may be, and the Optionholder shall have no further rights under this Option Agreement.
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