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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 Optionee’s 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”).
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