1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security |
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
Stock Option (Right to Buy)
|
Â
(1)
|
11/15/2021 |
Common Stock
|
2,000,000
|
$
0.037
|
D
|
Â
|
Stock Option (Right to Buy)
|
Â
(2)
|
11/15/2014 |
Common Stock
|
3,000,000
|
$
0.037
|
D
|
Â
|
* |
If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** |
Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) |
Option (i) vested as to 500,000 shares of Issuer common stock on November 16, 2011 and (ii) will vest as to the remaining 1,500,000 shares, in 30 equal successive monthly installments commencing on May 31, 2012, provided, in each case, that Reporting Person remains in Issuer's continuous employ through such vesting date. |
(2) |
Option will vest (i) as to 1,500,000 shares of Issuer common stock, if and when Issuer's market capitalization reaches $75,000,000, and (ii) as to the remaining 1,500,000 shares, if and when Issuer's market capitalization reaches or exceeds $120,000,000. |