Ecosphere Technologies Stock Option Grant Agreement with Dennis McGuire
Contract Categories:
Business Finance
›
Warrant Agreements
Summary
Ecosphere Technologies, Inc. granted its CEO, Dennis McGuire, 6 million stock options at an exercise price of $1.01 per share. Of these, 2 million options are immediately available, while the remaining 4 million vest in equal parts every six months over three years, starting December 31, 2010, as long as McGuire remains employed. All unvested options may become fully vested if certain milestones are met.
EX-10.7 7 esph_ex107.htm SUMMARY OF DENNIS MCGUIRE OPTION GRANT esph_ex107.htm
EXHIBIT 10.7
Summary of Dennis McGuire Option Grant
On April 21, 2010, Ecosphere Technologies, Inc. (the “Company”) granted Dennis McGuire, the Company’s Chief Executive Officer, 6,000,000 stock options (the “Options”) exercisable at $1.01 per share. Of the Options: (i) 2,000,000 are fully vested and (ii) 4,000,000 vest semi-annually over a three year period each June 30 and December 31, with the first vesting date being December 31, 2010, subject to remaining as an employee on each applicable vesting date. The unvested Options will immediately vest upon the occurrence of certain milestones.
