Common use of GRANT OF OPTION; OPTION TERM Clause in Contracts

GRANT OF OPTION; OPTION TERM. The Company hereby grants to Grantee the right and option (the "OPTION"), on the terms and subject to the conditions set forth herein, to purchase the Option Shares from the Company for a price per Option Share equal to the Option Price. The Option Price and Option Shares are subject to adjustment pursuant to paragraph 9 below. Subject to paragraph 2, the Option shall be exercisable in whole at any time and in part from time to time during the period commencing on the date hereof and expiring at 5:00 p.m., Denver, Colorado time ("CLOSE OF BUSINESS") on the tenth anniversary of the Determination Date, or such earlier date as the Option may be terminated pursuant to paragraph 6 or paragraph 9(c) (the "OPTION TERM").

GRANT OF OPTION; OPTION TERM. (a) The Company hereby grants to Grantee the right and option (the "OPTION"), on the terms and subject to the conditions set forth herein, to purchase the Option Shares from the Company for a price per Option Share equal to the Option Price. The Option Price and Option Shares are subject to adjustment pursuant to paragraph 9 below. Subject to paragraph 2, the Option shall be exercisable in whole at any time and in part from time to time during the period commencing on the date hereof and expiring at 5:00 p.m., Denver, Colorado time ("CLOSE OF BUSINESS") on the tenth anniversary of the Determination Date, or such earlier date as the Option may be terminated pursuant to paragraph 6 or paragraph 9(c) (the "OPTION TERM").