New Hire AuthorizationUpdated Appendix
Exhibit 10.9
New Hire AuthorizationUpdated Appendix
Stock options covering an aggregate of 7,000 shares of common stock were granted to two non-executive officer employees on February 3, 2006 under the Companys New Hire Authorization as an inducement to entering into employment with the Company. The options include a ten-year duration and an exercise price equal to the closing price of Dendrites stock on the business day immediately preceding the date of grant. The vesting schedule for the options is as follows: (i) twenty-five percent (25%) of the options shall first become exercisable on the first anniversary of date of grant and (ii) the remaining seventy-five percent (75%) shall become exercisable pro rata over the following three (3) year period, on a monthly basis, commencing on the first anniversary of the date of grant and ending on the fourth anniversary of the date of grant.