24th Dec 2009 07:01
Enova Systems, Inc. ("the Company")
24 December 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA
Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States of America, Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan. Any failure to comply with this restriction may constitute a violation of United States, Canadian, Australian, South African, Irish or Japanese securities laws.
Stock Option Grants
On December 18, 2009, the Board of Directors (the "Board") of Enova Systems, Inc. ("Enova") approved stock option grants under the Company's 2006 Equity Compensation Plan to Michael Staran, Enova's Chief Executive Officer; Jarett Fenton, Enova's Chief Financial Officer; and John Mullins, Enova's Chief Operating Officer.
Mr. Staran was granted a ten year option to purchase 100,000 shares of Common Stock at an exercise price of $1.26 per share.
Mr. Fenton was granted a ten year option to purchase 50,000 shares of Common Stock at an exercise price of $1.26 per share.
Mr. Mullins was granted a ten year option to purchase 50,000 shares of Common Stock at an exercise price of $1.26 per share.
The options granted by the Board vest over three years of the grant amount on a quarterly basis on the last day of each calendar quarter provided the optionee is then an officer of Enova as of such date. The first 1/12 or 8.33% of the shares under each option will vest on January 1, 2010. In the event there is a change of control of Enova, the options will become fully vested.
For further details:
Enova Systems, Inc. Tel: +1 310 527 2800
Mike Staran, President and Chief Executive Officer
Jarett Fenton, Chief Financial Officer
Investec Tel: 020 7597 5970
James Grace
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Enova Systems Inc