Celsion Corporation Restricted Stock Award Letter to Lawrence S. Olanoff (March 16, 2006)
Celsion Corporation has granted Dr. Lawrence S. Olanoff 24,510 restricted shares of company stock. This includes his 2005 annual bonus of $50,000, which he chose to receive entirely in restricted stock, and an additional $50,000 award in place of a 2006 salary increase. The shares are valued at the March 15, 2006 closing price and will vest on March 15, 2007. The company will hold the stock certificate until the restriction lifts.
Exhibit 10.1
March 16, 2006
Dear Dr. Olanoff:
You have elected to have 100% ($50,000) of your 2005 annual bonus designated in restricted shares of Celsion stock which will vest on March 15, 2007. The Board of Directors has also granted you an additional award of $50,000 in lieu of a salary increase for 2006. These awards have been converted into stock using the closing price of the stock on March 15, 2006 ($4.08). The company will issue a certificate for 24,510 shares of Celsion Corporation stock in your name. The company will retain the certificate in safekeeping and release it to you when the restriction has been lifted on March 15, 2007.
Sincerely,
/s/ Anthony P. Deasey
Anthony P. Deasey
Executive Vice President – Chief Operating Officer
Chief Financial Officer
