Common use of Award of Stock Option Clause in Contracts

Award of Stock Option. Subject to the provisions of this Agreement, the Summary of Award and the Plan, the Corporation hereby grants the Stock Option to the Eligible Individual pursuant to Section 6 of the Plan. Vesting of the Stock Option is subject to approval by the Corporation’s stockholders of an amendment to the Plan to increase the number of shares of Common Stock issuable under the Plan (the “Increase”). The Summary of Award sets forth the number of shares of Common Stock covered by the Stock Option, the per share exercise price of the Stock Option and the Grant Date of the Stock Option. Nothing in this Agreement, the Summary of Award or the Plan shall confer upon the Eligible Individual any right to continue in the employ or service of the Corporation or any of its Subsidiaries or Affiliates or interfere in any way with their rights to terminate the Eligible Individual’s employment or service at any time. The Stock Option shall be a Nonqualified Option. Unless earlier terminated pursuant to the terms of this Agreement or the Plan, the Stock Option shall expire on the seven year anniversary of the Grant Date. If the Corporation’s stockholders do not approve the Increase at the next annual meeting of the stockholders of the Corporation, the Eligible Individual automatically shall forfeit the Stock Option.