L and M just got raises
Dr. Michael S. Lebby
On January 18, 2022, Lightwave Logic, Inc. (the “Company”) entered into an employee agreement amendment with Dr. Michael S. Lebby, the Company’s Chief Executive Officer. The employee agreement amendment (i) change’s Dr. Lebby’s base salary to $400,000 per year; and (ii) sets Dr. Lebby’s annual bonus target amount at $200,000.
Dr. Lebby was also granted an option to purchase up to 100,000 shares of Company common stock at an exercise price equal to $9.65 per share. The options vest in 12 equal monthly installments over a period of 12 months, with first installments vesting January 31, 2022. The options expire on January 17, 2032.
The description of Dr. Lebby’s employee agreement amendment is not complete and is qualified in its entirety by reference to the employee agreement amendment attached hereto as Exhibit 10.1, which is incorporated by reference herein.
James S. Marcelli
On January 18, 2022, the Company entered into entered into an employee agreement amendment with James S. Marcelli, the Company’s President and Chief Operating Officer. The employee agreement amendment (i) change’s Mr. Marcelli’s base salary to $350,000 per year; and (ii) sets Mr. Marcelli’s annual bonus target amount at $140,000.
Mr. Marcelli was also granted an option to purchase up to 80,000 shares of Company common stock at an exercise price equal to $9.65 per share. The options vest in 12 equal monthly installments over a period of 12 months, with first installments vesting January 31, 2022. The options expire on January 17, 2032.
The description of Mr. Marcelli’s employee agreement amendment is not complete and is qualified in its entirety by reference to the employee agreement amendment attached hereto as Exhibit 10.2, which is incorporated by reference herein.
Indemnification Agreement
On January 18, 2022, the Company’s Board of Directors adopted a new form of indemnification agreement (“Indemnification Agreement”) for its directors and officers. Both Dr. Lebby and Mr. Marcelli executed and became parties to the Indemnification Agreement. The Indemnification Agreement provides that the Company will reimburse a director or officer for losses incurred in legal proceedings related to his service as Company director or officer and to advance funds to the director or officer to pay expenses as they are incurred. The description of the Indemnification Agreement is not complete and is qualified in its entirety by reference to the Indemnification Agreement attached hereto as Exhibit 10.3, which is incorporated by reference herein.
