LifeLoc Technologies Inc (LCTC)

[pdicamillo1]

We know that the CEO, Dr. Wilkomm has 50,000 shares that will vest in full at a price of $6.00 if the marijuana breathalyzer is submitted by the end of the year. He has incentive to the tune of $300,000 to get this thing done in the next 5 months. Time to see how much work ethic and drive this CEO has to get this done by the end of the year.


"We granted 50,000 options to an officer in January, 2016, which had a term of 5 years, but which only became vested if sales of $20 million and pre-tax income of 15% were achieved in 2018. If those targets were not met until 2019, then 50% of the options would vest and the remainder canceled. If those targets were not met until 2020, then 25% of the options would vest and the remainder canceled. On October 1, 2017 the option agreement was amended to provide a one year delay for meeting the sales and earnings targets with all other terms remaining unchanged. On January 25, 2019 the option agreement was amended to provide for an additional target, namely, if the product known as SpinDx™, including the marijuana breathalyzer which incorporates SpinDx™ technology, has been completed and submitted to regulatory authorities for review by or before December 31, 2019, all of the 50,000 options will vest in full, whether or not the sales and earnings requirements have been met. Each of the amendments to the original option agreement is deemed a new option."