Common use of Stock Grant Clause in Contracts

Stock Grant. Executive shall receive 50,000 Restricted Stock Units within five (5) days after the signing of this agreement. The restrictions on your shares of Restricted Stock Units will lapse and you will receive the equivalent number of shares of Common Stock on earlier of: (i) The first anniversary of the Award Date: (ii) In the event the Company’s raises $5,000,000 or more in cash in a single transaction through the sale of equity, notes, or any other structure. (iii) a Business Combination; and (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company other than in connection with the transfer of all or substantially all of the assets of the Company to an affiliate or a subsidiary of the Company; provided that you have been continuously employed by the Company (or continuously provided services as a consultant to the Company) from the Award Date through the date of vesting and the lapse of restrictions (the “Vesting Date”). Upon the removal of the restriction, the Company agrees to repurchase the number of common to cover personal income taxes associated with the restriction removal.