8K Announcement outlining Murray Williams employment.
Sigma Labs, Inc. (“we,” “our,” “us” or the “Company”) has entered into an employment letter agreement with Murray Williams, effective July 18, 2016, pursuant to which Mr. Williams will serve as our Chief Financial Officer, Treasurer, principal accounting officer and principal financial officer on an "at-will" basis.
Under the employment letter agreement, Mr. Williams is entitled to (i) be paid at the rate of $200 per hour (his monthly hours will not exceed 25 hours, without the prior written consent of our President and Chief Executive Officer), (ii) a grant under our 2013 Equity Incentive Plan of 31,000 shares of restricted common stock of the Company, which shares will vest on the one-year anniversary of the effective date of Mr. Williams' employment (the "First Anniversary Date"), provided, however, that 50% of the shares will be subject to accelerated vesting as set forth in the restricted stock agreement pursuant to which the shares are issued, provided, further, that Mr. Williams remains an employee of the Company through such vesting date, and (iii) a grant under our 2013 Equity Incentive Plan of a non-qualified stock option to purchase up to 63,000 shares of our common stock. The option will have an exercise price equal to the closing price of our common stock on the date of grant, will vest and become exercisable as follows: 21,000 shares will vest and become exercisable on the First Anniversary Date, and the balance of the shares underlying the option will vest and become exercisable in eight equal installments of 5,250 shares each on a quarterly basis following the First Anniversary Date, provided, in each case, that Mr. Williams remains an employee of the Company through such vesting date, and will be on the other terms set forth in our standard form of nonqualified stock option agreement.
Additionally, Mr. Williams will be eligible under the employment letter agreement to participate in our group medical, dental, vision, and 401(k) plans and any other Company benefits made available to other employees at Mr. Williams' level of employment.
