Grant of Option Clause Example from Business Contracts

Grant of Option. Pursuant to the PhaseRx, Inc. 2016 Long-Term Incentive Plan (the "Plan"), as adopted by PhaseRx, Inc., a Delaware corporation (the "Company"), the Company grants to _________________________ (the "Participant") who is an Employee of the Company, 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 Value per shar...e of the Common Stock on the Date of Grant or 110% of such Fair Market Value, in the case of a ten percent (10%) or more stockholder as provided in Section 422 of the Code), in the amounts, during the periods and upon the terms and conditions set forth in this Incentive Stock Option Agreement (the "Agreement"). 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 (or the date immediately preceding the fifth (5th) anniversary of the Date of Grant, in the case of a ten percent (10%) or more stockholder as provided in Section 422 of the Code) unless terminated earlier in accordance with Section 4 below. The Stock Option is intended to be an Incentive Stock Option. View More