Common use of Annual Options Clause in Contracts

Annual Options. The Company expects to provide you and other outside directors, for service on the Board, stock in the form of (i) 2,500 shares of Series F Preferred Stock and (ii) an annual grant of 5,000 five-year stock options under the Company's 2016 Stock Plan with an exercise price equal to the mean average of the closing sale prices of Company common stock for the 10 trading days immediately before the date of grant (or, the date-of-grant closing sale price of Company common stock on any national securities exchange on which Company common stock is listed, if it has become so listed), which annual options would vest in one lump amount immediately upon grant, subject to continuation of service. Such stock options shall remain exercisable until the earlier of the scheduled expiration date or 18 months after the cessation of service, whichever is sooner.

Annual Options. The Company expects to provide you and other outside directors, for service on the Board, stock in the form of (i) 2,500 50,000 shares of Series F D Preferred Stock and (ii) an annual grant of 5,000 100,000 five-year stock options under the Company's 2016 2014 Stock Plan with an exercise price equal to the mean average of the closing sale prices of Company common stock for the 10 trading days immediately before the date of grant (or, the date-of-grant closing sale price of Company common stock on any national securities exchange on which Company common stock is listed, if it has become so listed), which annual options would vest in one lump amount immediately upon grant, subject to continuation of service. Such stock options shall remain exercisable until the earlier of the scheduled expiration date or 18 months after the cessation of service, whichever is sooner.

Annual Options. The Company expects to provide you and other outside directors, for service on the Board, stock in the form of (i) 2,500 50,000 shares of Series F D Preferred Stock and (ii) an annual grant of 5,000 100,000 five-year stock options under the Company's 2016 ’s 2014 Stock Plan with an exercise price equal to the mean average of the closing sale prices of Company common stock for the 10 trading days immediately before the date of grant (or, the date-of-grant closing sale price of Company common stock on any national securities exchange on which Company common stock is listed, if it has become so listed), which annual options would vest in one lump amount immediately upon grant, subject to continuation of service. Such stock options shall remain exercisable until the earlier of the scheduled expiration date or 18 months after the cessation of service, whichever is sooner.