Common use of Incentive Options Clause in Contracts

Incentive Options. (i) In recognition of the considerable challenges accepted by him, Executive shall receive an Incentive Bonus consisting of a stock option grant to purchase 500,000 shares of the Company's common stock fully vested and priced at $.0001 per share. The Incentive Options shall expire five years from the date of this Agreement unless earlier exercised. (ii) In addition Executive shall receive a stock option grant of 500,000 shares of the Company's common stock priced at $.0001 per share, and vesting in accordance with the appropriate portions of the Performance Bonus schedule specified below (the "Performance Options'). The Performance Options that become vested shall expire five years from the date of this Agreement unless earlier exercised. 103 (iii) In case of any merger in which the Company is not the surviving entity, reclassification, capital reorganization or other change of outstanding shares of the securities of the Company (other than a change in par value, or from par value to no par value, or from no par value to par value), the Company shall cause effective provision to be made so that the Executive shall have the right thereafter, by exercising Incentive Options specified in paragraph 4b(i) and all Performance Options that are vested, to purchase the kind and amount of shares of securities and property receivable by the security holders upon such merger, reclassification, capital reorganization or other change.

Incentive Options. (i) In recognition of the considerable challenges accepted by him, Executive shall receive an Incentive Bonus consisting of a stock option grant to purchase 500,000 shares of the Company's common stock fully vested and priced at $.0001 per share. The Incentive Options shall expire five years from the date of this Agreement unless earlier exercised. (ii) In addition Executive shall receive a stock option grant of 500,000 shares of the Company's common stock priced at $.0001 per share, and vesting in accordance with the appropriate portions of the Performance Bonus schedule specified below (the "Performance Options'). The Performance Options that become vested shall expire five years from the date of this Agreement unless earlier exercised. 103. (iii) In case of any merger in which the Company is not the surviving entity, reclassification, capital reorganization or other change of outstanding shares of the securities of the Company (other than a change in par value, or from par value to no par value, or from no par value to par value), the Company shall cause effective provision to be made so that the Executive shall have the right thereafter, by exercising Incentive Options specified in paragraph 4b(i) and all Performance Options that are vested, to purchase the kind and amount of shares of securities and property receivable by the security holders upon such merger, reclassification, capital reorganization or other change.