Common use of Grant of Nonqualified Stock Option Clause in Contracts

Grant of Nonqualified Stock Option. Subject to all of the terms, conditions and provisions of the Plan and of this Agreement, the Company hereby grants to Grantee under Section 7 of the Plan a nonqualified stock option pursuant to which Grantee will have the right and option under the Plan to purchase from the Company all or any part of an aggregate of shares of the common stock of the Company, par value one cent ($0.01) per share (the “Common Stock”), which shares will consist of authorized but unissued shares or issued shares reacquired by the Company. This option is not intended to be an Incentive Stock Option, as defined in the Plan.

Grant of Nonqualified Stock Option. Subject to all of the terms, conditions conditions, and provisions of the Plan and of this Agreement, the Company hereby grants to Grantee under Section 7 of the Plan a nonqualified stock option pursuant to which Grantee will have the right and option under the Plan to purchase from the Company all or any part of an aggregate of shares of the common stock of the Company, par value one cent ($0.01) per share (the “Common Stock”), which shares will consist of authorized but unissued shares or issued shares reacquired by the Company. This option is not intended to be an Incentive Stock Option, as defined in the Plan.