1. Pursuant to an employment agreement entered into with VendingData Corporation (the "Company") on May 1, 2006, the Company granted Mr. Stowe an option to purchase 100,000 shares of the Company's $.001 par value common stock ("Common Stock") at $2.50 per share pursuant to the Company's 1999 Stock Option Plan ("the Plan"). The options vest over three years, with the option to purchase 33,400 shares vesting on May 1, 2007, the option to purchase 33,300 shares vesting on May 1, 2008, and the option to purchase the remaining 33,300 shares vesting on May 1, 2009. In addition, pursuant to an amendment to the employment agreement dated June 19, 2006, in the event of a change of control, the vesting date of any unexercised options will accelerate to the change-of-control date.
Houston, do we have a takeover announcement today? Is pj toast?