Common use of Grant and Exercise of Options Clause in Contracts

Grant and Exercise of Options. A. In consideration of the Director's service to the Corporation, the Corporation desires to compensate the Director with the right and option to purchase up to, but not exceeding, Eight Thousand (8,000) shares of the Common Stock of the Corporation, one cent ($.01) par value, subject to the provisions of this Director's Agreement (hereinafter referred to as the "Option"), said Option exercisable in accordance with the following schedule: