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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 16: Subsequent Events

 

On November 10, 2020, the Company entered into a five year employment agreement with Thomas K. Equels, President, CEO and Executive Vice Chairman of the Board. Compensation is divided into both short- and long-term compensation. Short term (cash) compensation will consist of a base salary of $850,000 and a year-end target bonus of $350,000 based on performance and goals established by the Compensation Committee. Long term compensation will be provided by 300,000 non-qualified yearly stock options with one-year vesting on November 30,2021, and each anniversary date thereafter. On November 11, 2020, the Company issued to Mr. Equels 10 year options to purchase 300,000 shares of the Company’s common stock. The exercise price of these options is $1.96 per share, the closing price of the common stock on the NYSE American on the trading date immediately preceding the date of issuance. The options will vest one year after their issuance. These options were issued pursuant to the terms of Mr. Equels’ employment agreement.