Conditions to Grants. The obligation of the City to pay the Grants shall be conditioned upon the compliance and satisfaction by the Company of the terms and conditions of this Agreement and each of the conditions set forth in this Article IV.
Conditions to Grants. Each Eligible Optionee shall be granted an option to purchase that number of shares of Stock equal to the number of previously owned Shares tendered in payment of the exercise price for each Share purchased pursuant to an Option granted hereunder, provided that the Eligible Optionee is serving as a member of the Board of Directors on the date of exercise. No options under the Plan shall be granted to an Eligible Optionee who is otherwise precluded from receiving a grant of the Company's equity securities. In the event the remaining number of shares of Stock reserved for issuance under the Plan are insufficient to grant options for the appropriate number of shares of Stock to all Eligible Optionees as of any grant date, then no options shall be granted as of that grant date.
Conditions to Grants
