17th Apr 2009 07:00
Enova Systems, Inc.
17 April 2009
Enova Systems, Inc. ("the Company")
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
Enova Systems, Inc. announces that on 14 April 2009, options to purchase 170,000 shares of Common Stock (the "stock option grants") were granted to Michael Staran, Chief Executive Officer and Jarett Fenton, Chief Financial Officer by the Company's Board of Directors (the "Board"). The Board approved these stock option grants under the Company's 2006 Equity Compensation Plan.
Mr. Staran was granted a five year option to purchase 100,000 shares of Common Stock at an exercise price of $0.80 per share. Mr. Fenton was granted a five year option to purchase 70,000 shares of Common Stock at an exercise price of $0.80 per share.
The stock option grants are exercisable or vest over three equal installments with the first third vesting on 14 April 2010 and each year thereafter up to 14 April 2012.
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: +44 020 7597 5970
James Grace
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Enova Systems Inc