Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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.
Item 9.01 Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Employee Agreement Amendment - Dr. Michael S. Lebby
10.2 Employee Agreement Amendment - James S. Marcelli
10.3 Form of Indemnification Agreement
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
© Edgar Online, source Glimpses