Keyman Option Program Clause Samples

Keyman Option Program. The Company shall issue to Employee concurrent with his execution of this Agreement, and as additional consideration to Employee for executing this Agreement and performing services hereunder, 7,500,000 options to acquire restricted shares of the Company’s common stock, said option to vest and be exercisable as follows: 1/4th upon execution of this Agreement, 1/4thon the 1st anniversary of the execution of this Agreement, 1/4thon the 2nd anniversary of the execution of this Agreement, and 1/thon the 3rd anniversary of the execution of this Agreement. Each option shall have a 5 year term for date of issuance, and be exercisable, in whole or part, at a price equal to the closing price of the Company’s stock on July 14, 2008.