Employment Agreements

12 Months Ended

Dec. 31, 2021

Employment Agreements

Employment Agreements

(10) Employment Agreements

The Company had contractual agreements with Named Executive Officers, (“NEO”) in 2021, and 2020. The aggregate annual base compensation for these NEO under their respective contractual agreements for 2021, and 2020 was $ 1,625,000, and $850,000, respectively. In addition, certain of these Officers were entitled to receive performance bonuses of up to 25% or 20% of their respective annual base salary, at the sole discretion of the Compensation Committee of the Board of Directors. In 2021 and 2020, Officers’ bonuses were $550,000 and $913,500 respectively.

In 2021, equity was granted as a form of compensation to these Officers.

a. The Company granted 300,000 ten-year options to purchase common stock with exercise prices of $1.71 per share to vest in a year to Thomas K. Equels, Chief Executive Officer.

b. The Company granted 100,000 ten-year options to purchase common stock with exercise prices of $1.44 per share which vest in one year to Peter Rodino, Chief Operating Officer and General Counsel.

c. The Company granted 100,000 ten-year options to purchase common stock with exercise prices of $1.44 per share which vest in one year to Ellen Lintal, Chief Financial Officer.

The Company recorded stock compensation expense of approximately $105,000 during the year ended December 31, 2021. with regard to these issuances.

In 2020, equity was granted as a form of compensation to these Officers.

d. The Company granted 300,000 ten-year options to purchase common stock with exercise prices of $3.05 per share to vest in a year to Thomas K. Equels, Chief Executive Officer.

e. The Company granted 300,000 ten-year options to purchase common stock with exercise prices of $1.96 per share to vest in a year to Thomas K. Equels, Chief Executive Officer.

f. The Company granted 75,000 ten-year options to purchase common stock with exercise prices of $1.85 per share which vest in one year to Peter Rodino, Chief Operating Officer and General Counsel.

g. The Company granted 75,000 ten-year options to purchase common stock with exercise prices of $1.85 per share which vest in one year to Ellen Lintal, Chief Financial Officer.

The Company recorded stock compensation expense of approximately $374,000 during the years ended December 31, 2020 with regard to these issuances.