Tuesday, October 18, 2016 8:05:26 AM
Grant of Stock Options
On October 13, 2016, the Board approved the issuance of options to purchase 20,000 shares of the Company’s common stock pursuant to the Company’s 2014 Equity Incentive Plan (the “Options”), to each of the Company’s four (4) independent directors: Mr. Richard Tyler, Mr. Edward Kovalik, Mr. Richard Chernicoff and Mr. Christopher Robichaud. The exercise price of the Options equals $2.41 per share. The Options have an expiration date of October 13, 2021 and will vest pro rata on a monthly basis over a twelve-month period commencing October 13, 2016, provided that the director remains a member of the Board on a continuous basis through each vesting date.
Also on October 13, 2016, Mr. Doug Croxall, the Company’s Chairman and CEO, returned for cancellation options to purchase 80,000 shares of the Company’s common stock out of the options to purchase 300,000 shares of the Company’s common stock which were granted on 11/03/2014.
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