Dr. Zeldis was awarded an options package totaling 23,200,000 shares of common stock with the following terms:
- 3,480,000 options with a five (5) year term and exercise price of $0.10 per share vest immediately;
- 2,320,000 options with a five (5) year term and exercise price of $0.10 per share vest upon the delivery of a written three-year strategic plan (in which Dr. Zeldis actively assists) to the Company with respect to the Company's hydrogel platform (the "Platform"), provided that the report is delivered by February 17, 2013;
- 2,320,000 options with a five (5) year term and exercise price of $0.10 per share which vest upon the two year anniversary of the Company hiring a chief medical officer identified by Dr. Zeldis, provided that the chief medical officer is hired by November 17, 2012;
- 4,640,000 options with a five (5) year term and exercise price of $0.15 per share which vest upon the delivery of a written clinical program to the Company (in which Dr. Zeldis actively assists) with respect to the completion of U.S. Food and Drug Administration trials to approve the delivery of an active pharmaceutical ingredient (an "API") delivered through the Platform, provided such clinical program is delivered by May 17, 2013;
- 4,640,000 options with a five (5) year term and exercise price of $0.15 per share which vest upon the Company entering into a co-licensing agreement to develop a product that provides for the delivery of an API using the Platform, provided such co-licensing agreement is entered into by November 17, 2013; and
- 5,800,000 options with a five (5) year term and exercise price of $0.15 per share which vest upon (a) Dr. Zeldis's delivery of a written strategic plan to the Company with respect to the Company's HepaMate? product and, (b) HepaLife Biosystems, Inc., a wholly owned subsidiary of the Company, completing a financing resulting in gross proceeds of at least $2,500,000 provided such strategic plan is delivered and such financing occurs by May 17, 2013.
Pretty Good Incentives
ALQA~
AI
