Grant vs With Grant option in SQL Server

What's the difference between grant and with grant option in SQL Server?
 
      Grant will allow the current user to access the object or provide access to the specified user.
 
CREATE TABLE venkat_Table (ID INT)
GRANT SELECT ON  venkat_Table TOVenkatFriend
 
     With grant option is nothing but a higher level of access provider. This will inform the database that, this user will have access to the particular object and he is having necessary previlege to provide access to other users on the object.

GRANT SELECT ON venkat_Table TO VenkatFriend WITH GRANT OPTION
 
 

You can see this option in the schema properties window.
 
Cheers,