Common use of AGREEMENT TO GRANT OPTIONS Clause in Contracts

AGREEMENT TO GRANT OPTIONS. Employer hereby grants to Employee, effective the date of execution of this Agreement, an option to purchase 292,000 shares of Common Stock exercisable at the closing sale price of the Common Stock on the date of execution of this Agreement. The number of option shares granted herein shall be increased or decreased to the same extent that the outstanding shares of Common Stock of Employer are increased or decreased by any stock split occurring after the effective date of this Agreement. Such options shall vest over a period of five years, as provided for herein. On each of the first four anniversary dates of the effective date of this Agreement, ten percent (10%) of such options shall be vested and, on the fifth anniversary of the date of execution of this Agreement, the remaining sixty percent (60%) shall vest. All options granted hereunder will be exercisable for a period of five years after the last options are vested, regardless whether Employer subsequently voluntarily leaves the employment of Employer or is terminated with or without "Cause" (as hereinafter defined). Options will vest on each such anniversary date if Employee continues to be employed by Employer on such anniversary date. All non-vested options will vest immediately upon a "Change of Control" (as hereinafter defined). Employer will concurrently with execution of this Agreement prepare an Option Agreement incorporating these terms and such other standard terms as have been contained in prior options or warrants granted to Employee.

AGREEMENT TO GRANT OPTIONS. Employer hereby grants to Employee, effective the date of execution of this Agreement, an option to purchase 292,000 875,000 shares of Common Stock exercisable at the closing sale price of the Common Stock on the date of execution of this Agreement. The number of option shares granted herein shall be increased or decreased to the same extent that the outstanding shares of Common Stock of Employer are increased or decreased by any stock split occurring after the effective date of this Agreement. Such options shall vest over a period of five years, as provided for herein. On each of the first four anniversary dates of the effective date of this Agreement, ten percent (10%) of such options shall be vested and, on the fifth anniversary of the date of execution of this Agreement, the remaining sixty percent (60%) shall vest. All options granted hereunder will be exercisable for a period of five years after the last options are vested, regardless whether Employer subsequently voluntarily leaves the employment of Employer or is terminated with or without "Cause" (as hereinafter defined). Options will vest on each such anniversary date if Employee continues to be employed by Employer on such anniversary date. All non-vested options will vest immediately upon a "Change of Control" (as hereinafter defined). Employer will concurrently with execution of this Agreement prepare an Option Agreement incorporating these terms and such other standard terms as have been contained in prior options or warrants granted to Employee.

AGREEMENT TO GRANT OPTIONS. Employer hereby grants to Employee, effective the date of execution of this Agreement, an option to purchase 292,000 250,000 shares of Common Stock exercisable at the closing sale price of the Common Stock on the date of execution of this Agreement. The number of option shares granted herein shall be increased or decreased to the same extent that the outstanding shares of Common Stock of Employer are increased or decreased by any stock split occurring after the effective date of this Agreement. Such options shall vest over a period of five years, as provided for herein. On each of the first four five anniversary dates of the effective date of this Agreement, ten twenty percent (1020%) of such options shall be vested and, on the fifth anniversary of the date of execution of this Agreement, the remaining sixty percent (60%) shall vestvested. All options granted hereunder will be exercisable for a period of five years after the last options are vested, regardless whether Employer subsequently voluntarily leaves the employment of Employer or is terminated with or without "Cause" (as hereinafter defined). Options will vest on each such anniversary date if Employee continues to be employed by Employer on such anniversary date. All non-vested options will vest immediately upon a "Change of Control" (as hereinafter defined). Also, all non- vested options will vest immediately if the Employee is terminated without cause because it is determined his services are no longer required as a result of a successful long term refinery solution for the Employer's Black Wax crude (i.e. a processing agreement, a refinery joint venture, a long- term crude purchase arrangement, etc.). Employer will concurrently with execution of this Agreement prepare an Option Agreement incorporating these terms and such other standard terms as have been contained in prior options or warrants granted to EmployeeEmployer's Employees.