Common use of Executive Option Clause in Contracts

Executive Option. Upon the occurrence of an Option Buy-Out Event, the Executive may tender all, but not a portion, of the Twenty Million (20,000,000) shares of the Company’s common stock that Executive acquired for Twenty Thousand Dollars ($20,000.00) in February, 2008 (“Buy-Out Shares), to the Company and the Company shall be obligated to make a payment of Twenty Thousand Dollars ($20,000.00) to the Executive, or Executive’s estate, heirs and/or legal guardian(s) at the time of the appointment of the individual set forth in Exhibit A and the surrender of the Buy-Out Shares.