This excerpt taken from the PZZA 10-K filed Feb 28, 2007.
1. Grant of Option. The Company hereby grants to Optionee, as a matter of separate inducement and agreement, and not in lieu of any salary or other compensation for Optionees services as an employee, consultant or advisor, the right and option to purchase (Option) all or any part of an aggregate of the number of shares of Common Stock set out in the Notice (Option Shares) on the terms and conditions herein set forth, subject to adjustment as provided in Section 7, at a purchase price per share as set out in the Notice (Option Price). The Option Price is considered by the Company and Optionee to be the fair market value of the Common Stock on the date hereof, which is the date as of which the Option was granted to Optionee (Option Date).