Exhibit 10.4


OPTIUM CORPORATION


Employee
Notice of Grant of Non-Qualified Stock Option


Eitan
Gertel (the “Optionee”) has been granted
an option (the “Option”) to
purchase certain shares of Optium Corporation  common
stock (the “Stock”) pursuant to the Optium
Corporation 2006 Stock Option and Incentive Plan, as amended (the “Plan”), as follows:


	
  Grant Date:

  	
  March 3, 2007

  
	
   

  	
   

  
	
  Number
  of Option Shares:

  	
  113,500

  
	
   

  	
   

  
	
  Option
  Exercise Price per Share:

  	
  $20.85

  
	
   

  	
   

  
	
  Expiration
  Date:

  	
  February 28, 2017

  
	
   

  	
   

  
	
  Tax
  Status of Option:

  	
  Non-Qualified

  



 


Vested Shares: Except as
provided in Stock Option Agreement, and provided that the Optionee’s employment
by the Company or any of its subsidiaries has not terminated prior to any
applicable vesting date, the shares will vest 25% on March 1, 2008 and 2.08%
monthly thereafter with the final vesting occurring on March 1, 2011. Fractional
shares are not exercisable until fractional shares equal a whole share. In
addition, there shall be acceleration of vesting of (i) 25% of original grant
(or 100% of remaining unvested portion is less) following termination without
Cause or Constructive Termination (each term as defined in Optionee’s
Employment Agreement with the Company) prior to an Acquisition (as defined in
the Plan) and (ii) 100% of remaining unvested portion following termination
without Cause or Constructive Termination (within one year of an Acquisition.


By their signatures
below, the Company and the Optionee agree that the Option is governed by this
Notice and by the provisions of the Plan and the Non-Qualified Stock Option
Option Agreement, both of which are attached to and made a part of this
document. The Optionee acknowledges receipt of a copy of the Plan and the
Option Agreement, represents that the Optionee has read and is familiar with
their provisions, and hereby accepts the Option subject to all of their terms
and conditions. In the event that there is a conflict between the Option
Agreement and this Notice, the terms of Option Agreement shall govern. This
Notice may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
document.




	
  OPTIUM CORPORATION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  By:

  	
  /s/ David Renner

  	
   

  	
  By:

  	
  /s/ Eitan Gertel

  	 

	
   

  	
  Name:

  	
  David Renner

  	
   

  	
   

  	
  Eitan Gertel

  	
   

  	 

	
   

  	
  Title:

  	
  Chief Financial Officer

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
  Address:

  	
  200 Precision Road

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Horsham, PA 19044

  	
   

  	
   

  	
   

  	
   

  	 

												






 


ATTACHMENTS:                                             Optium
Corporation 2006 Stock Option and Incentive Plan, as amended through the Grant
Date, the Option Agreement, Plan Information Statement and IPO Final Prospectus