Common use of Options Grant Clause in Contracts

Options Grant. Pursuant to the Holding Company’s 2002 Stock Option Plan (the “Plan”), the Holding Company hereby grants to Executive five (5) separate nonqualified stock options (each an “Option” and individually referred to as the “First Option,” the “Second Option,” the “Third Option,” the “Fourth Option,” and the “Fifth Option”), to purchase 2,197.80 (the “Base Amount”) shares of Common (the “Option Shares”) (which number may be adjusted as provided in the Plan), at a price per share of $1.00 (the “Exercise Price”). The stock options so granted shall not be intended to be “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code.

Options Grant. Pursuant to the Holding Company’s 's 2002 Stock Option Plan (the “"Plan”"), the Holding Company hereby grants to Executive five (5) separate nonqualified stock options (each an “"Option” " and individually referred to as the “"First Option,” " the “"Second Option,” " the “"Third Option,” " the “"Fourth Option,” " and the “"Fifth Option”"), to purchase 2,197.80 (the “"Base Amount”") shares of Common (the “"Option Shares”") (which number may be adjusted as provided in the Plan), at a price per share of $1.00 (the “"Exercise Price”"). The stock options so granted shall not be intended to be “"incentive stock options” " within the meaning of Section 422 of the Internal Revenue Code.