Just received the below filing...
Must be expecting the cash to roll in to offer $2M in options for this year and the subsequent two years.
Dr. Missling
), in his continuing capacity as Chief Executive Officer of the Company. The Amendment amends the Employment Agreement by and between the Company and Dr. Missling, effective July 5, 2013 (the
Employment Agreement
), and extends the term of Dr. Misslings employment with the Company through July 5, 2019, unless earlier terminated as provided in the Amendment. Pursuant to the terms of the Amendment, Dr. Missling shall receive an annual salary of $500,000 and is eligible to earn an annual cash bonus for each whole or partial calendar year of up to $100,000. Subject to the terms of the Amendment, Dr. Missling will also receive Two Million Dollars ($2,000,000) of options for shares of the Companys common stock on each of July 5, 2016, July 5, 2017 and July 5, 2018. For the options granted on July 5, 2016, one-third shall vest on each of July 5, 2017, July 5, 2018 and July 5, 2019. With respect to the options granted on July 5, 2017, one-half shall vest on July 5, 2018 and the other half shall vest on July 5, 2019. All options granted on July 5, 2018 shall vest on July 5, 2019.
Such options shall have an exercise price equal to the closing price of the Companys common stock on each grant date.
The summary of the Amendment provided herein is qualified in its entirety by the terms of such agreement, which are fully set forth and attached hereto as Exhibit 10.1 and which are incorporated by reference herein.
