Common use of Initial Restricted Stock Grant Clause in Contracts

Initial Restricted Stock Grant. Provided that neither the Executive nor Coda Octopus has prior thereto given notice terminating this Agreement, the Executive shall, effective 1 November 2005 be issued 50,000 shares of common stock of Coda Octopus to be distributed quarterly, followed by $50,000 shares of common stock of Coda Octopus annually, from November 1st, 2006. Certificates representing said shares will bear a restrictive legend stating that sale or other transfer of the shares be made only pursuant to an effective registration statement filed with the Securities and Exchange Commission or an exemption from such registration.

Initial Restricted Stock Grant. Provided that neither the Executive Director nor Coda Octopus has prior thereto given notice terminating this Agreement, the Executive Director shall, effective 1 November January 26th, 2005 be issued 50,000 100,000 shares of common stock of Coda Octopus to be distributed quarterly, followed by $50,000 shares of common stock of Coda Octopus annually, from November 1st, 2006Octopus. Certificates representing said shares will bear a restrictive legend stating that sale or other transfer of the shares be made only pursuant to an effective registration statement filed with the Securities and Exchange Commission (“SEC”) or an exemption from such registration.

Initial Restricted Stock Grant. Provided that neither the Executive Director nor Coda Octopus has prior thereto given notice terminating this Agreement, the Executive Director shall, effective 1 November January 26th, 2005 be issued 50,000 150,000 shares of common stock of Coda Octopus to be distributed quarterly, followed by $50,000 shares of common stock of Coda Octopus annually, from November 1st, 2006Octopus. Certificates representing said shares will bear a restrictive legend stating that sale or other transfer of the shares be made only pursuant to an effective registration statement filed with the Securities and Exchange Commission (“SEC”) or an exemption from such registration.