(e) On June 6, 2012, the Board of Directors approved the following stock option grants to certain of Company's named executive officers and directors in full and final payment of the Company's obligation to pay such individuals deferred salary or director fees as of May 31, 2012, which grants became effective upon each optionee's execution of a settlement and release agreement on the dates set forth below:

                                          Effective Date of   Options to Purchase Shares of
Named Executive                                 Grant                 Common Stock
Mark Fletcher                               June 19, 2012               1,457,195
President and Chief Executive Officer
David Brusegard                             June 20, 2012                546,448
Chief Operating Officer
Eric von Hofe, President of Antigen         June 19, 2012                626,292
Express, Inc.
Stephen Fellows                             June 20, 2012                546,448
Acting Chief Financing Officer
John Barratt, Director                      June 19, 2012                918,033
Brian McGee, Director                       June 19, 2012                508,197
Nola Masterson, Director                    June 19, 2012                508,197
James Anderson, Director                    June 19, 2012                409,836

The options are being issued in lieu of cash payment of deferred compensation amounts due to such individuals. Since October of 2011, the executives and directors listed above, as well as certain other key employees, have agreed to defer a portion (or all in the case of the directors) of their salary or fees in an effort to assist the Company with its cash flow requirements. The number of options being granted to each individual is equal to the dollar amount of deferred salary or fees due to such individual divided by the closing price of the Company's common stock on the OTC Bulletin Board on June 6, 2012 ($0.0925). The stock options have an exercise price equal to $0.001 per share. The grants were made pursuant to the terms of the Company's 2006 Stock Plan and will be memorialized in an option agreement, the form of which has been used in the past by the Company and previously filed as an exhibit to past periodic filings. The options awarded are all fully vested and shall expire on the fifth anniversary of the date of grant, subject to earlier termination under the terms set forth in the 2006 Stock Plan.

The foregoing is only a summary of the settlement and release agreement and the option agreements and does not purport to be a complete description of the rights and obligations of the parties thereunder. The foregoing description of the settlement and release agreement is qualified in its entirety by reference to the settlement and release agreement, which is attached as Exhibit 10.1 to this report and incorporated herein by reference.

The following is a complete list of Exhibits filed as part of this Current Report on Form 8-K. Exhibit numbers correspond to the numbers in the exhibit table of Item 601 of Regulation S-K.

Exhibit No. Description

10.1 Form of Settlement and Release Agreement between Generex Biotechnology Corporation and each optionee.