Common use of Parent Options Clause in Contracts

Parent Options. (a) Options to purchase Parent Shares shall be granted, and agreements representing the same substantially in the form attached hereto as Exhibit J shall be issued, by Parent to the Company employees set forth on, and representing the right to purchase such number of Parent Shares per such employee calculated in accordance with, Section 5.12(a) of the Disclosure Schedule as soon as reasonably practical after Closing in accordance with Parent’s plans and policies regarding the granting of options (including, but not limited to, any blackout periods), which options to purchase Parent Shares shall in the aggregate have a Black-Scholes valuation on the date of grant equal to $1,000,000. (b) In addition to the options described in Section 5.12(a), Parent shall grant options to purchase 50,000 Parent Shares, and issue agreements representing the same substantially in the form attached hereto as Exhibit K, in accordance with and subject to the conditions set forth on Section 5.12(b) of the Disclosure Schedule, the granting of which options to be made in accordance with Parent’s plans and policies regarding the granting of options (including, but not limited to, any blackout periods).