Some news on funding (if it arrives) check this out: Amendment to Jeff Margolis Employment Agreement
By Unanimous Written Consent on June 30, 2017, the Board of Directors of the Company resolved to amend the Employment Agreement with Jeff Margolis effective July 1, 2017. The amendment provides that Jeff Margolis will have the additional title of Chief Financial Officer and be promoted from Vice President to Senior Vice President. The amendment also provides for an increase in the accrual rate of his cash compensation from $195,000 to $300,000 annually. The amendment also schedules a cash payment of a bonus granted on June 30, 2015 as follows: (a) $15,000 payable upon the closing of the next financing in excess of $100,000, (b) $15,000 payable by the end of the following month assuming cumulative closings on financings (commencing with the closing that triggered (a)) of at least $200,000, and (c) $30,000 upon the closing of the next financing in excess of an additional $250,000. The amendment provides for an option grant of 25,000 non-qualified stock options to be granted on or about July 1, 2017. By Unanimous Written Consent on July 26, 2017, the Board of Directors resolved to make such grant with 25% of such options vesting immediately, 25% vesting on September 30, 2017 and 50% vesting on December 31, 2017 at an exercise price of the greater of $2.00 or the closing price of the Company’s common stock on the date of the grant (July 26, 2017), which resulted in an exercise price of $2.00. The amendment further provides that Mr. Margolis would participate in future executive bonus, option, equity and equity-linked grants or other fringe benefits (including, for example, auto, life insurance, health insurance, and expense allowance) in accordance with the terms of the employment contract, amended to reflect that such grants shall be at least equal to the lowest grant to any member or the executive management team (meaning any person with a title of Senior Vice President, Chief Financial Officer, or higher) regardless of whether such executive officer is also a member of the Board of Directors. An exception to this clause would be any signing bonus, equity, option or similar grant necessary to induce the hiring of a Chief Financial Officer, Chief Medical Officer, or other executive officer. The employment agreement was automatically extended to September 30, 2017 after which it would be subject to one year extensions in a manner the same as that prior to the amendment.
Pretty SWEET!
