Common use of Third Tranche Clause in Contracts

Third Tranche. Subject to approval by the Board, and contingent upon Executive’s continued services through the closing of a financing by the Company of at least U.S. $17 million (the “Second Financing”), within two (2) days following the closing of the Second Financing, Executive shall be granted an option to purchase 425,000 common shares of the Company with an exercise price equal to the fair market value of the common shares on the date of grant (the “Third Tranche”). The Third Tranche shall be governed in all respects by the terms of the Company’s Share Option Plan and its standard form of Stock Option Agreement, and shall vest over 36 months from the date of grant in 36 equal monthly installments, subject to Executive’s continued services through each vesting date.