Implant Sciences Corp. (OTC QB:IMSC) has handed President and CEO Glenn Bolduc new options for 5.44 million shares, and approved a $6.50 million lumpsum payment in the event of a change of control, according to an SEC filing.

The Wilmington-based maker of sophisticated sensors issued the incentive stock options at an exercise price of $1.40 each. Shares of Implant Sciences closed at $1.42 per share on Sept. 13.

One-half of Bolduc’s grant is exercisable immediately while the rest become eligible on Sept. 7, 2013, subject to accelerated vesting upon a change in control.

Implant Sciences, which handed out similar options to three other executives and its four directors, aid the compensation plan in the event of a change of control was intended to reward management and directors who it said have not fully benefited from the rise in the company’s stock price from $0.18 per share.

The following are the other options grants:

·         COO William McGann 1.49 million;
·         CFO Roger Deschenes 1.05 million;
·         Vice President for Sales and Marketing Darryl Jones 1.25 million;
·         Director Michael Turmelle 640,949;
·         Director Howard Safir 303,399;
·         Director Robert Liscouski 806,798; and
·         Director John Keating 303,399.

The lumpsum payments to the above in the event of change of control range between $364,079 and $1.33 million.

With the exception of McGann, the option grants are the first since 2009 to the officers and directors of the company.

Implant Sciences said it would seek shareholder approval for the option plan even though it is not required to do under listing regulations.