Common use of Earned Options Clause in Contracts

Earned Options. Subject to the Shareholder Approval, the Company hereby grants to ▇▇▇▇ options to purchase Thirteen Million (13,000,000) shares of the Company's common stock (“Earned Options”). Subject to the Shareholder Approval, commencing on the six month anniverary of the Effective Date, the Earned Options shall vest in installments of Four Hundred Thirty Three Thousand Three Hundred Thirty Three (433,333) shares and thereafter on the first day of each month of the balance of the Employment Period provided Employee continues to perform services to Company under this Agreement (each installment may be referred to as an “Option Installment”). The exercise price of the Earned Options will be equal to the fair market value of the Company’s common stock as reported on the Over the Counter Bulletin Board on the date that this Agreement is executed by both parties. The Earned Options shall be exercisable for a period of ten years from the date of grant.

Earned Options. Subject to the Shareholder Approval, the Company hereby grants to ▇▇▇▇▇ options to purchase Thirteen Ten Million Two Hundred Thousand (13,000,00010,200,000) shares of the Company's common stock (“Earned Options”). Subject to the Shareholder Approval, commencing on the six month anniverary of the Effective Date, the Earned Options shall vest in installments of Four Hundred Thirty Three Thousand Three Hundred Thirty Three Forty Thousand (433,333340,000) shares and thereafter on the first day of each month of the balance of the Employment Period provided Employee continues to perform services to Company under this Agreement (each installment may be referred to as an “Option Installment”). The exercise price of the Earned Options will be equal to the fair market value of the Company’s common stock as reported on the Over the Counter Bulletin Board on the date that this Agreement is executed by both parties. The Earned Options shall be exercisable for a period of ten years from the date of grant.