Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 6, 2009, the Board of Directors of Optionable, Inc. (the "Company") approved the grant of an option to purchase 250,000 shares of the Company's common stock at a price of $0.025, the closing price of the Company's stock on February 6, 2009. Fifty Thousand options vested upon the grant and the remainder will vest at a rate of 50,000 options on each six month anniversary of the grant through February 6, 2011. The option expires on the five year anniversary of the grant.

Item 8.01 Other Events

Also, on February 6, 2009, the Board of Directors of the Company set a date of February 10, 2009 as the record date in connection with the Company's annual meeting of shareholders scheduled for March 31, 2009 at the Company's offices at 95 Croton Avenue, Suite 32, Ossining, New York, 10562.

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