50 % of market price.
The agreement allows Ms. Yarde to convert any unpaid compensation to Company stock at a 50% discount to the then market price, in the form of unregistered securities. As of September 30, 2015 unpaid compensation under the agreement totaled $43,750. On September 21, 2015 Ms. Yarde converted $87,500 of the unpaid compensation into 265,152 shares of the company stock. Upon the signing of the agreement Ms. Yarde was granted employee stock options to purchase 50,000 shares of the Company’s Common Stock with vesting period and strike price as follows:
(i) 25,000 shares vested immediately with a strike price of $10.00 per share.
(ii) 12,500 shares vest on July 1, 2015 with a strike price of $10.00 per share.
(iii) 7,500 shares vest on January 1, 2016 with a strike price of $20.00 per share.
(iv) 5,000 shares vest on January 1, 2017 with a strike price of $50.00 per share.
