Common use of Grant of Purchase Option Clause in Contracts

Grant of Purchase Option. Beginning on the Closing Date, the Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or his personal representative, as the case may be, at the purchase price of $____ per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (a) On __________, 199_, one-eighth (1/8th) of the shares of the Stock. (______ shares) shall be released from the Purchase Option; (b) At the end of each full month elapsing after __________, 199_, an additional one forty-second (1/42nd) of the remaining _______ shares of Stock (______ shares) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or his its personal representative, as the case may be, at the purchase price of $____ .01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (ai) On __________, 199_, one-eighth 1/4 (1/8th25%) of the shares of the Stock. Stock (______ 58,500 shares) shall be released from the Purchase OptionOption on January 1, 1999; (bii) At On the end first day of each full month elapsing after __________commencing with February 1, 199_1999, an additional one forty-second eighth (1/42nd1/48th) of the remaining _______ shares of Stock (______ 4,875 shares) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or his its personal representative, as the case may be, at the purchase price of $____ .01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (ai) On __________the date of this Agreement, 199_, one-eighth (1/8th) of the 745,975 shares of the Stock. (______ shares) shall will be released from the Purchase Option;. (bii) At On the end first day of each full month elapsing after __________commencing with October 1, 199_1998, an additional one forty-second eighth (1/42nd1/48th) of the remaining _______ shares of Stock (______ shares43,875) will be released from the Purchase Option.

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or his its personal representative, as the case may be, at the purchase price of $____ .01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: (ai) On __________, 199_, one-eighth 1/4 (1/8th25%) of the shares of the Stock. Stock (______ 15,000 shares) shall be released from the Purchase OptionOption on April 1, 1999; (bii) At On the end first day of each full month elapsing after __________commencing with May 1, 199_1999, an additional one forty-second eighth (1/42nd1/48th) of the remaining _______ shares of Stock (______ 1,250 shares) will be released from the Purchase Option.