Common use of Initial Award Clause in Contracts

Initial Award. Upon the Effective Date or within 15 days thereafter, the Company shall grant the Executive options to purchase 6,250,000 shares of Common Stock the granted options shall have an exercise price equal to the fair market value of the Common Stock on the date of grant. The granted options shall be subject to a four -year vesting schedule with 20% to vest upon the grant date, and the balance to grant ratably on an annual basis for the next 4 years. Death or Disability Granted awards shall continue and vest for 12 months following the death or disability date. Awards set to vest therein are awarded. Awards set to vest thereafter are cancelled. Vested options exercisable for the full ten year term. Voluntary quit Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination for Cause Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination without Cause/ Quit for Good Reason Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term.

Initial Award. Upon the Effective Date or within 15 days thereafter, the Company shall grant the Executive options to purchase 6,250,000 12,500,000 shares of Common Stock the granted options shall have an exercise price equal to the fair market value of the Common Stock on the date of grant. The granted options shall be subject to a four -year vesting schedule with 20% to vest upon the grant date, and the balance to grant ratably on an annual basis for the next 4 years. Death or Disability Granted awards shall continue and vest for 12 months following the death or disability date. Awards set to vest therein are awarded. Awards set to vest thereafter are cancelled. Vested options exercisable for the full ten year term. Voluntary quit Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination for Cause Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination without Cause/ Quit for Good Reason Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term.