Not to mention their founder came back and took $1 as a salary with some nice stock options. You can bet he will get the share price back up. His pocket depends on it.
Under the terms of his Employment Agreement, Mr. Meyers will receive an annual base salary of $1.00, provided that the Company will accrue an amount equal to $1,000,000 per fiscal year, without interest (the "Accrued Compensation"). The Accrued Compensation will be paid to Mr. Meyers at such time that the Company first generates for a fiscal year (after taking into account accrual and payment of the Accrued Compensation) (i) positive cash flow from operations, and (ii) profit from operations. Following the fiscal year in which Mr. Meyers achieves such financial results, he will receive a base salary of $1,000,000 per fiscal year. Mr. Meyers also received stock options to purchase (a) 2,000,000 shares of the Company's common stock, at an exercise price of $6.00 per share, that will vest and become exercisable as to 25% of the shares underlying the Stock Option on each of the first, second, third and fourth anniversaries of the grant date; (b) 2,000,000 shares of common stock, at an exercise price of $12.00 per share, that will vest and become exercisable in full 90 days after the grant date; and (c) 2,000,000 shares of common stock, at an exercise price of $16.00 per share, that will vest and become exercisable in full 90 days after the grant date. Under certain other circumstances, the stock options will vest and become exercisable before the time periods set forth above. The stock options were granted as an inducement award under Section 303A.08 New York Stock Exchange Listed Company Manual. Mr. Meyers' appointment as President and Chief Executive Officer and as a member of the Board of Directors is subject to any required approvals.
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