Common use of Initial Grant of Stock Options Clause in Contracts

Initial Grant of Stock Options. Contemporaneously with the execution hereof, as a sign-on bonus Executive shall be granted shares of the Company's common stock and options as follows: i. Executive shall be granted 1,148,312 restricted shares of the Company's common stock and all such shares shall be fully vested as of the date granted. ii. Executive shall be granted options to purchase 574,156 shares of the Company's common stock at a price of $0.75 per share. Such options to purchase common stock shall be fully vested as of the date granted.

Initial Grant of Stock Options. Contemporaneously with the execution hereof, as a sign-on bonus Executive shall be granted shares of the Company's common stock and options as follows: i. Executive shall be granted 1,148,312 1,500,000 restricted shares of the Company's common stock and all such shares shall be fully vested as of the date granted. ii. The Agreement between Company and Executive shall be granted options to purchase 574,156 shares of the Company's common stock at a price of $0.75 per share. Such options to purchase common stock shall be fully vested as of the date granteddated October 31, 2008 will remain in full force and effect until terminated by either party.