Grant of Option Clause Example from Business Contracts

Grant of Option. Pursuant to the PhaseRx, Inc. 2016 Long-Term Incentive Plan (the "Plan") for key Employees, key Contractors, and Outside Directors of PhaseRx, Inc., a Delaware corporation (the "Company"), the Company grants to _________________________ (the "Participant"), an option (the "Option" or "Stock Option") to purchase a total of ___________________ (__________) full shares of Common Stock of the Company (the "Optioned Shares") at an "Option Price" equal to $________ per share (being the Fair Market Val...ue per share of the Common Stock on the Date of Grant). The "Date of Grant" of this Stock Option is _________________, 20__. The "Option Period" shall commence on the Date of Grant and shall expire on the date immediately preceding the tenth (10th) anniversary of the Date of Grant, unless terminated earlier in accordance with Section 4 below. The Stock Option is a Nonqualified Stock Option. This Stock Option is intended to comply with the provisions governing nonqualified stock options under the final Treasury Regulations issued on April 17, 2007, in order to exempt this Stock Option from application of Section 409A of the Code. View More