Performance Stock Options. The Client hereby grants the Consultant five (5) year options to purchase 500,000 shares of Common Stock at $0.0001 per share. The options vest and are exercisable immediately. The Consultant or its assignees( Collectively know as the "Optionee" )may exercise the options in whole or in part from time to time. The Optionee, also, agrees to enter in to a two year lock-up commencing on the date of grant. The stock underlying the options shall be registered on the Company's first S-3 filing, S-8 filing, if applicable, or in the Form SB-2 filing or at another time pursuant to "piggy back" registration rights. An Option Certificate is attached.
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Sources: Consulting Agreement (Ameri-Can Reailway Systems Inc), Consulting Agreement (Ameri-Can Reailway Systems Inc)