Intellipharmaceutics International Inc. (IPCI)

[AngeloFoca]

(2) The Company entered into a separate acknowledgement and agreement with Drs. Isa and Amina Odidi dated October 22, 2009 to be bound by the performance-based stock option agreement dated September 10, 2004 pursuant to which Drs. Isa and Amina Odidi are entitled to purchase up to 2,763,940 of the Company’s common shares upon payment of U.S. $3.62 per share, subject to satisfaction of the performance vesting conditions. The value of the option-based awards are determined using the Black-Scholes pricing model calculated as at the award date

I would not fight over this... but my interpretation is that 1/10th of those 2,763,940 (or 10% = 276,394) options VESTED... VESTED... which means the options became viable, and they can now PURCHASE those shares... if they choose to for $3.62 per share.

I do not believe they were simply given for free 276,394 shares. but granted options to buy them at $3.62.

Anybody here wanna buy some for $3.62??? because I know a couple of people that have about a half a million they would like to transfer to you.