Common use of Stock Incentives Clause in Contracts

Stock Incentives. (a) Subject to approval of the Board or its Compensation Committee, the Company hereby grants to the Executive options to purchase in the aggregate 200,000 shares of the Company's common stock (the "Options"). The Options will be subject to the vesting requirements set forth in this Section 5. The exercise price of each of these Options shall be a sum equal to eighty-five percent (85%) of the average daily closing date of the Company's common stock on the so-called OTC Bulletin Board or other nationally recognized exchange for the first full week immediately preceding the date on which the Options vest pursuant to this Section 5 (the "Exercise Price"). The Options shall vest and become exercisable with respect to the first 8,334 shares subject thereto when the Executive completes one month of continuous service from November 5, 2001 and with respect to an additional 8,334 shares subject thereto when Executive completes each month of continuous service thereafter until all 200,000 shares have vested or until termination of employee's service.