Common use of Stock Option Award Clause in Contracts

Stock Option Award. Subject to the terms and conditions contained herein and in the Agreement, the Company hereby grants to the Executive an award of [ ] Stock Options, at an exercise price of $[ ] (the “Exercise Price”). The Stock Options are not intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended. Each such Stock Option shall entitle Executive to purchase, upon payment of the Exercise Price, one share of Common Stock. Capitalized terms used, but not otherwise defined, shall have the meaning set forth in the Agreement.

Stock Option Award. Subject to the terms and conditions contained herein and in the Agreement, the Company hereby grants to the Executive under the Mirant Corporation 2005 Omnibus Incentive Compensation Plan (the “Plan”) an award of [ [NUMBER OF OPTIONS] Stock Options, at an exercise price of $[ [FMV STOCK PRICE] (the “Exercise Price”). The Stock Options are not intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended. Each such Stock Option shall entitle Executive to purchase, upon payment of the Exercise Price, one share of Common Stock. Capitalized terms used, but not otherwise defined, shall have the meaning set forth in the Plan and the Agreement.