Described are novel monomers bearing functionalities capable of initiating control free radical reactions, and a novel process using these initiating monomers in the co-polymerization of an olefin for the formation of well-controlled polyethylene graft polymers where the graft component is derived from controlled free radical polymerization reactions. The initiating monomers are produced by combining an amount of 5-norbornen-2-ol with a hydride or amine for a predetermined amount of time to form a mixture; and adding an amount of an alkyl or acyl halide to said mixture. Polymerization of an olefin with an initiating monomer is conducted in the presence of a metal compound, where the metal compound is comprised of a Group VIII transition metal complex.