Common use of Restricted Stock Purchase Clause in Contracts

Restricted Stock Purchase. The Executive acquired Two Hundred Thousand (200,000) shares of the Corporation’s Series A Preferred Stock, $.001 par value, (the “Restricted Shares”) on March 10, 2014 under the terms and conditions set forth in this Agreement prior to this amendment and restatement. The purchase price for the Restricted Shares was determined as the fair market value of such shares, as determined by the Board in good faith and in consultation with the Executive (the “Purchase Price”), which fair market value may also be expressed as a per share purchase price (the “Per Share Purchase Price”). The Purchase Price has been paid by the delivery of a full recourse promissory note executed by Executive for the benefit of the Corporation and delivered to the Corporation. Pursuant to a conversion of the Corporation’s Series A Preferred Stock, dated May 6, 2014, the Restricted Shares were converted into 220,000 shares of the Corporation common stock. The Corporation and Executive contemplate that any other equity-based incentive arrangements will be provided for under separate stock incentive plans or agreements between the Corporation and the Executive.