Common use of OPTIONS TO PURCHASE STOCK Clause in Contracts

OPTIONS TO PURCHASE STOCK. Subject to the vesting conditions set forth below and the terms of the Plan, Executive shall be granted options to purchase Five Hundred Thousand (500,000) shares of the Company common stock. The exercise price for each share of common stock covered by the option shall be fifteen cents ($0.15), which is equal to or greater than the fair market value of the common stock on the Effective Date. The right to exercise the option shall vest as follows: options to purchase One Hundred Twenty-Five Thousand (125,000) shares shall vest and become immediately upon execution of this Agreement and the delivery of a stock option agreement under the Plan. The remaining options shall vest and become exercisable in equal three annual installments of One Hundred Twenty-Five Thousand (125,000) shares on the anniversary dates of the Effective Date, so long as Executive remains an employee on such vesting date. The options shall expire and become null and void if not exercised at the earlier of ten (10) years from the Effective Date or the earlier expiration dates provided below. If the Executive is terminated pursuant Section 8 of this Agreement, the Executive will have ninety (90) days to exercise the stock options that are vested unless otherwise agreed to by the Board of Directors. If the Executive is terminated pursuant Sections 9 or 10 of this Agreement, the Executive shall have five years from date of termination to exercise stock options that are vested. Unvested options shall immediately terminate and become null and void upon any termination of Executive's employment, except as provided below in Section 12.

OPTIONS TO PURCHASE STOCK. Subject to the vesting conditions set forth below and the terms of the Plan, Executive shall be granted options to purchase Five Hundred Thousand One Million (500,0001,000,000) shares of the Company common stock. The exercise price for each share of common stock covered by the option shall be fifteen cents ($0.15), which is equal to or greater than the fair market value of the common stock on the Effective Date. The right to exercise the option shall vest as follows: options to purchase One Two Hundred Twenty-Five Fifty Thousand (125,000250,000) shares shall vest and become immediately upon execution of this Agreement and the delivery of a stock option agreement under the Plan. The remaining options shall vest and become exercisable in equal three annual installments of One Two Hundred Twenty-Five Fifty Thousand (125,000250,000) shares on the anniversary dates of the Effective Date, so long as Executive remains an employee on such vesting date. The options shall expire and become null and void if not exercised at the earlier of ten (10) years from the Effective Date or the earlier expiration dates provided below. If the Executive is terminated pursuant Section 8 of this Agreement, the Executive will have ninety (90) days to exercise the stock options that are vested unless otherwise agreed to by the Board of Directors. If the Executive is terminated pursuant Sections 9 or 10 of this Agreement, the Executive shall have five years from date of termination to exercise stock options that are vested. Unvested options shall immediately terminate and become null and void upon any termination of Executive's employment, except as provided below in Section 12.