Celsion (cln)

[Telephonics]

CLN: Awards Options to Michael Tardugno
Celsion Corporation (CLN) reported the grant of a stock option award to Mr. Michael Tardugno, who commenced employment with Celsion as its President and Chief Executive Officer today. As previously disclosed, the Board of Directors of Celsion approved the option grant to Mr. Tardugno effective as of January 3, 2007, to purchase 430,000 shares of common stock at a per share exercise price equal to the closing price of the common stock on The American Stock Exchange on January 3, 2007. The closing price on such date was $2.42.



The stock option granted to Mr. Tardugno vests in four equal annual installments commencing on the first anniversary of the grant date and is subject to forfeiture in the event of resignation or termination for cause prior to vesting.