Common use of Stock Performance Options Clause in Contracts

Stock Performance Options. Employee shall have the option to purchase additional shares of the Employer's common stock upon the happening of the following: if the public trading price closes at a minimum of $2.00 per share for five (5) consecutive days, Employee shall have the option to purchase 150,000 shares at $1.00 per share; if the public trading price closes at a minimum of $4.00 per share for five (5) consecutive days, Employee shall have the option to purchase an additional 150,000 shares at $2.00 per share; if the public trading price closes at a minimum of $6.00 per share for five (5) consecutive days, Employee shall have the option to purchase an additional 200,000 shares at $3.00 per share. These options are cumulative and fully vested upon execution of this Agreement. These options must be executed prior to the expiration of this Agreement by written notice to the President of the Employer.