Common use of Initial Stock Option Grant Clause in Contracts

Initial Stock Option Grant. Upon execution of this Agreement, Employee shall be granted an aggregate of 1,000,000 stock options at an exercise price of twenty-five cents ($.25) per share (which exercise price is not less than the closing price on the date of Board approval) for a five-year period pursuant to the Company’s standard Stock Option Agreement, and further provided that:

Initial Stock Option Grant. Upon execution of this Agreement, Employee Executive shall be granted an aggregate of 1,000,000 two million five hundred thousand (2,500,000) stock options at an exercise price of twenty-five cents ($.25.05) per share (which exercise price is not less than the closing price on the date of Board approval) for a five-year period pursuant to the Company’s standard Stock Option Agreement attached as Exhibit “A” to this Agreement, and further provided that:

Initial Stock Option Grant. Upon execution of this Agreement, Employee shall be granted an aggregate of 1,000,000 2,000,000 stock options at an exercise price of twenty-five cents one dollar ($.251.00) per share (which exercise price is not less than the closing price on the date of Board approval) for a five-year period pursuant to the Company’s standard Stock Option Agreement, and further provided that:

Initial Stock Option Grant. Upon execution of this Agreement, Employee shall be granted an aggregate of 1,000,000 2,000,000 stock options at an exercise price of twenty-five cents one dollar ($.251.00) per share (which exercise price is not less than the closing price on the date of Board approval) for a five-year period pursuant to the Company’s standard Stock Option Agreement, and further provided that:: a. 500,000 of these stock options shall vest immediately.

Initial Stock Option Grant. Upon execution of this Agreement, Employee shall be granted an aggregate of 1,000,000 5,000,000 stock options at an exercise price of twenty-five cents ($.25) per share (which exercise price is not less than the closing price on the date of Board approval) for a five-year period pursuant to the Company’s standard Stock Option Agreement, and further provided that: