Yes, the form 4 says the strike price is .05 per share. That is the market price for the stock. If the stock goes up to $.50, then in one year from the date of issuance, the grantee can exercise 1/4th of the shares in the grant.
If this were to happen, the grantee could do a cashless buy sell transaction and net .45 per share on 1/4th of the optioned shares that were granted, assuming they sold all the optioned shares.
Example. I am Joe working for GOVX. They grant me 1000 options at .05 per share. One year later, the stock goes to .50. I am now vested in 250 shares. I can sell them for 250 * .50, or $125. Out of that, I pay $12.50 to buy the optioned shares plus a commission and I net about $100. In the meantime, any long who bought shares at .05 gets the same exact deal.
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