Common use of Initial Grant Clause in Contracts

Initial Grant. On or prior to the Start Date, the Company hereby grants to the Executive an option/warrant (the "Initial Stock Option/Warrant") to purchase One Million (1,000,000) shares of the Common Stock at the purchase/exercise price of $1.75 per share. This Initial Stock Option/Warrant shall vest and be exercisable as follows: 1/3 of the shares vest and become exercisable as of the Start Date; 1/3 of the shares shall vest and become exercisable one year after the Start Date; and 1/3 of the shares shall vest and become exercisable two years after the Start Date. Notwithstanding the foregoing, the Initial Stock Option/Warrant shall vest and be fully exercisable upon a Change in Control and shall vest as otherwise provided herein upon termination of the Executive's employment.

Initial Grant. On or prior to the Start Date, the Company hereby grants to the Executive an option/warrant option (the "Initial Stock Option/Warrant") to purchase 1,000,000 (One Million (1,000,000Million) shares of the Common Stock at the purchase/exercise price of $1.75 1.40 per share, with a term of not less than five (5) years from the Start Date. This Initial Stock Option/Warrant Option shall vest and be exercisable as follows: 1/3 of the shares vest and become exercisable as of the Start Date; 1/3 of the shares shall vest and become exercisable one year after the Start Date; and 1/3 of the shares shall vest and become exercisable two years after the Start Date. Notwithstanding the foregoing, the Initial Stock Option/Warrant Option shall vest and be fully exercisable upon a Change in Control and shall vest as otherwise provided herein upon termination of the Executive's employment.

Initial Grant. On or prior to the Start Date, the Company hereby grants to the Executive an option/warrant option (the "Initial Stock Option/Warrant") to purchase 1,500,000 (One Million (1,000,000Five Hundred Thousand) shares of the Common Stock at the purchase/exercise price of $1.75 1.40 per share, with a term of not less than five (5) years from the Start Date. This Initial Stock Option/Warrant Option shall vest and be exercisable as follows: 1/3 of the shares vest and become exercisable as of the Start Date; 1/3 of the shares shall vest and become exercisable one year after the Start Date; and 1/3 of the shares shall vest and become exercisable two years after the Start Date. Notwithstanding the foregoing, the Initial Stock Option/Warrant Option shall vest and be fully exercisable upon a Change in Control and shall vest as otherwise provided herein upon termination of the Executive's employment.