Common use of Grant of Purchase Option Clause in Contracts

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its personal representative, as the case may be, at the purchase price of $.01 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule:

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its his personal representative, as the case may be, at the purchase price of $.01 ____ per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule:

Grant of Purchase Option. Beginning on the Closing Date, the ------------------------ Stock shall be subject to the right and option of the Company to repurchase the Stock (the "Purchase Option") as set forth in this Section 3. In the event Purchaser's employment by or consulting relationship with the Company (including a parent or subsidiary of the Company) shall cease for any reason, or no reason, with or without cause, including death, disability or involuntary termination ("Termination"), the Company shall have the right, as provided in Section 3.2 hereof, to purchase from Purchaser or its his personal representative, as the case may be, at the purchase price of $.01 0.35 per share (the "Option Price"), all of the Stock that has not been released from the Purchase Option in accordance with the following schedule: