Common use of Incentive Stock Plan Clause in Contracts

Incentive Stock Plan. Employer has adopted an Employee Incentive Stock Plan and will, as a condition of employment, award Employee an Option to purchase up to 1,000,000 shares of the $0.00001 par value Common Stock of Employer, at a price equal to eighty percent (80%) of the last bid price of such Common Stock on the American Stock Exchange on the day preceding the date hereof. 200,000 of such Options shall be vested upon execution hereof and the balance shall vest at the rate of 200,000 on each anniversary of Employee's employment and shall be further conditioned upon Employee's continued employment at the time of each vesting.

Incentive Stock Plan. Employer has adopted an Employee Incentive Stock Plan and will, as a condition of employment, award Employee an Option to purchase up to 1,000,000 100,000 shares of the $0.00001 par value Common Stock of Employer, at a price equal to eighty percent (80%) of the last bid price of such Common Stock on the American Stock Exchange on the day preceding the date hereof. 200,000 20,000 of such Options shall be vested upon execution hereof and the balance shall vest at the rate of 200,000 20,000 on each anniversary of Employee's employment and shall be further conditioned upon Employee's continued employment at the time of each vesting.