Item 5.02. Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On January 14, 2022, we completed our annual grant of stock options to
employees, including executive officers, and directors of the Company. The
annual grant is intended to recognize employees who meet certain employment
criteria and retain key employees. The exercise price of the options is based on
the closing price of our common stock of $4.57 per share on January 14, 2022,
and the options vest in three equal tranches on the six-month, 18-month and 30-
month anniversary of the grant date. All options vest upon change of control.
Any unvested options will expire if the employment of the respective executive
terminates prior to the vesting date. Each director received 30,000 options and
each executive officer received grants as follows:
· Amy Trombly, Chief Executive Officer: 30,000 options;
· Jerry Dvonch, Chief Financial Officer: 30,000 options; and
· Bruce Thornton, Chief Operations Officer: 30,000 options.
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