Stock Option Modification Agreement between Cancer Genetics, Inc. and Dr. Andrew Pecora (February 2014)
This agreement between Cancer Genetics, Inc. and Dr. Andrew Pecora outlines the terms for Dr. Pecora’s outstanding stock options following his resignation from the Board of Directors, effective February 18, 2014. All of Dr. Pecora’s stock options, including those not previously vested, are now fully vested and exercisable until June 30, 2014. Dr. Pecora agrees not to sell any shares acquired through these options until May 20, 2014 or 48 hours after the company reports its first quarter 2014 earnings, whichever is later.
Exhibit 10.66
February 18, 2014
Dr. Andrew Pecora
100 First Street - Suite 301
Hackensack, New Jersey 07601
| Re: | Stock Option Modifications. |
Dear Dr. Pecora:
This letter agreement will memorialize our understandings with respect to your outstanding stock options following your amicable resignation from the Board of Directors of Cancer Genetics, Inc., (the “Company”), effective as of February 18, 2014.
As of today, you have the following stock options:
| Number of options | Issue Date | Exercise Price | Vested Options | |||||
| 15,000 | 2.19/2009 | $ | 4.00 | 15,000 | ||||
| 10,000 | 10/10/2013 | $ | 15.39 | 0 | ||||
| 12,000 | 8/15/2010 | $ | 10.00 | 12,000 | ||||
We agree that notwithstanding that the October 10, 2013 stock options are not vested, we will deem them to be vested and exercisable upon your resignation. In addition, notwithstanding any provisions of our equity compensation plans with respect to expiration of options upon termination of service or any other agreements between us, you may exercise all or any part of all three options at any time on or prior to June 30, 2014, at which time all options shall expire. You agree however, that you will not sell any of the shares of common stock of the Company issuable upon the exercise of any such options until May 20, 2014 (or 48 hours after we report earnings for our first fiscal quarter of 2014, if later).
We appreciate you service to the Company and wish you the best in all future endeavors. By execution of this letter, please confirm that you are in agreement with the foregoing and that you have reviewed the Form 8-K announcing your departure from the Board and agree with its content.
| Very truly yours, |
| /s/ Panna L. Sharma |
| President and CEO |
| Agreed to and Accepted by: |
| /s/ Andrew Pecora |
