Common use of Additional Option Purchase Clause in Contracts

Additional Option Purchase. On the last day of each fiscal year during the Employment Period, provided Executive has met or exceeded the performance objectives agreed upon by the Board and Executive for such fiscal year, Executive shall have the right to purchase from Employer an additional Option with respect to 100,000 shares of Common Stock (the "Additional Option"). The Additional Option shall have a per share exercise price equal to the closing price of the Common Stock on the NASD OTC Bulletin Board on the trading day immediately prior to the date of purchase. The Additional Option shall be fully vested and shall have such other terms and conditions as are mutually agreed upon between Employer and the Executive. The purchase price for any Additional Option shall be determined by Employer's independent accountants based on a Black-Scholes valuation methodology.

Additional Option Purchase. On the last day of each fiscal year during the Employment Period, provided Executive has met or exceeded the performance objectives agreed upon by the Board and Executive for such fiscal year, Executive shall have the right to purchase from Employer an additional Option with respect to 100,000 250,000 shares of Common Stock (the "Additional Option"). The Additional Option shall have a per share exercise price equal to the closing price of the Common Stock on the NASD OTC Bulletin Board on the trading day immediately prior to the date of purchase. The Additional Option shall be fully vested and shall have such other terms and conditions as are mutually agreed upon between Employer and the Executive. The purchase price for any Additional Option shall be determined by Employer's independent accountants based on a Black-Scholes valuation methodology.

Additional Option Purchase. On the last day of each fiscal year during the Employment Period, provided Executive has met or exceeded the performance objectives agreed upon by the Board and Executive for such fiscal year, Executive shall have the right to purchase from Employer an additional Option with respect to 100,000 shares of Common Stock (the "Additional Option"). The Additional Option shall have a per share exercise price equal to the closing price of the Common Stock on the NASD OTC NASDAQ Bulletin Board on the trading day immediately prior to the date of purchase. The Additional Option shall be fully vested and shall have such other terms and conditions as are mutually agreed upon between Employer and the Executive. The purchase price for any Additional Option shall be determined by Employer's independent accountants based on a Black-Scholes valuation methodology.