Common use of Stock Compensation Clause in Contracts

Stock Compensation. As additional compensation for the Services provided to the Company hereunder, the Director is also entitled to receive from the Company on the Effective Date, a non-qualified stock option (the “Stock Option”) to purchase 300,000 shares of the Company’s common stock, with the exercise price determined by using the closing bid price of the Company’s common stock on the Effective Date. Vesting will be as follows: 90,000 of the shares underlying the Stock Option shall vest on the Effective Date, 70,000 of the shares underlying the Stock Option shall vest on the first anniversary of the Effective Date, 70,000 of the shares underlying the Stock Option shall vest on the second anniversary of the Effective Date, and the remaining 70,000 shares underlying the Stock Option shall vest on the third anniversary of the Effective Date; however, if a change of control event occurs (as defined in the Award Agreement (as defined below)), all unvested shares shall vest immediately. Any and all equity awards shall be granted under and shall be subject to the terms and provisions of the 2020 Stock and Incentive Compensation Plan, as the same may be amended from time to time (the “Incentive Plan”), and shall be granted subject to the execution and delivery of a stock option award agreement, as approved by the Board, in substantially the same form as attached hereto as Exhibit A (the “Award Agreement”). The parties hereby agree that to the extent permitted by the Incentive Plan, the number of shares underlying the Stock Option shall not be adjusted in the event the Company effects one or more reverse stock splits of its common stock.

Stock Compensation. As additional compensation for the Services provided to the Company hereunder, the Director is also entitled to receive received from the Company on the Effective Date, a non-qualified stock option (the “Stock Option”) to purchase 300,000 shares of the Company’s common stock, with the exercise price determined by using the closing bid price of the Company’s common stock on the Effective Date. Vesting will Pursuant to the terms of this Agreement, the vesting of the Stock Option shall be amended as follows: (i) 90,000 of the shares underlying the Stock Option shall vest vested on the Effective Date, 70,000 ; (ii) 105,000 of the shares underlying the Stock Option shall vest on the first anniversary of the Effective Date, 70,000 ; and (iii) 105,000 of the shares underlying the Stock Option shall vest on the second anniversary of the Effective Date, and the remaining 70,000 shares underlying the Stock Option shall vest on the third anniversary of the Effective Date; however, if a change of control event occurs (as defined in the Amended Award Agreement (as defined below)), all unvested shares shall vest immediately. Any and all equity awards shall be granted under and shall be subject to the terms and provisions of the 2020 Stock and Incentive Compensation Plan, as the same may be amended from time to time (the “Incentive Plan”), and shall be granted subject to the execution and delivery of a an amended stock option award agreement, as approved by the Board, in substantially the same form as attached hereto as Exhibit A (the “Amended Award Agreement”). The parties hereby agree that to the extent permitted by the Incentive Plan, the number of shares underlying the Stock Option shall not be adjusted in the event the Company effects one or more reverse stock splits of its common stock, the number of shares underlying the Stock Option and the exercise price per share of the Stock Option shall be adjusted in proportion to the reverse stock split ratio.

Stock Compensation. As additional compensation for the Services provided to the Company hereunder, the Director is also entitled to receive from the Company on the Effective Date, a non-qualified stock option (the “Stock Option”) to purchase 300,000 shares of the Company’s common stock, with the exercise price determined by using the closing bid price of the Company’s common stock on the Effective Date. Vesting will be as follows: 90,000 of the shares underlying the Stock Option shall vest on the Effective Date, 70,000 of the shares underlying the Stock Option shall vest on the first anniversary of the Effective Date, 70,000 of the shares underlying the Stock Option shall vest on the second anniversary of the Effective Date, and the remaining 70,000 shares underlying the Stock Option shall vest on the third anniversary of the Effective Date; however, if a change of control event occurs (as defined in the Award Agreement (as defined below)), all unvested shares shall vest immediately. Any and all equity awards shall be granted under and shall be subject to the terms and provisions of the 2020 Stock and Incentive Compensation Plan, as the same may be amended from time to time (the “Incentive Plan”), and shall be granted subject to the execution and delivery of a stock option award agreement, as approved by the Board, in substantially the same form as attached hereto as Exhibit A (the “Award Agreement”). The parties hereby agree that to the extent permitted by the Incentive Plan, the number of shares underlying the Stock Option shall not be adjusted in the event the Company effects one or more reverse stock splits of its common stock, the number of shares underlying the Stock Option and the exercise price per share of the Stock Option shall be adjusted in proportion to the reverse stock split ratio.

Stock Compensation. As additional compensation for the Services provided to the Company hereunder, the Director is also entitled to receive from the Company on the Effective Date, a non-qualified stock option (the “Stock Option”) to purchase 300,000 shares of the Company’s common stock, with the exercise price determined by using the closing bid price of the Company’s common stock on the Effective Date. Vesting will be as follows: 90,000 of the shares underlying the Stock Option shall vest on the Effective Date, 70,000 105,000 of the shares underlying the Stock Option shall vest on the first anniversary of the Effective Date, 70,000 and 105,000 of the shares underlying the Stock Option shall vest on the second anniversary of the Effective Date, and the remaining 70,000 shares underlying the Stock Option shall vest on the third anniversary of the Effective Date; however, if a change of control event occurs (as defined in the Award Agreement (as defined below)), all unvested shares shall vest immediately. Any and all equity awards shall be granted under and shall be subject to the terms and provisions of the 2020 Stock and Incentive Compensation Plan, as the same may be amended from time to time (the “Incentive Plan”), and shall be granted subject to the execution and delivery of a stock option award agreement, as approved by the Board, in substantially the same form as attached hereto as Exhibit A (the “Award Agreement”). The parties hereby agree that to the extent permitted by the Incentive Plan, the number of shares underlying the Stock Option shall not be adjusted in the event the Company effects one or more reverse stock splits of its common stock.