22nd Century Group Inc (XXII)

[sonwal]

Fleet's agreement with 22nd Century Group:

Pursuant to the employment agreement with Clifford B. Fleet, Mr. Fleet will earn an initial base salary of three hundred and ninety-five thousand dollars ($395,000) and shall be eligible for future cash bonus awards as a percentage of base salary based on the achievement of performance targets to be established by the Company. As a one-time inducement, the Company agreed to (i) a signing bonus of $150,000; (ii) an award of 350,000 restricted stock units (“RSUs”), with 100,000 RSUs vesting immediately and the remaining 250,000 RSUs vesting one-half annually over a period of two years, subject to continued service; and (iii) an award of 450,000 stock options with an exercise price of $2.02 per share that vest one-third annually over a period of three years, subject to continued service.

Fleet also purchased shares of XXII on the open market:
President and CEO Clifford B Fleet bought 100,000 shares of XXII stock on 08/27/2019 at the average price of $1.9.

From what I understand, Fleet DID NOT sell his personal shares but not sure if he would be held to "insider standard" if no longer with company.

In terms of the 350,000 restricted stock units, I would imagine they would follow the terms of the agreement.