Celsion Corporation Restricted Stock Bonus Letter to Carolyn Finkle (March 16, 2006)
Celsion Corporation has informed Carolyn Finkle that 33% of her annual bonus, amounting to $9,667, has been granted as restricted stock. She will receive 2,369 shares of Celsion stock, calculated at the closing price on March 15, 2006. The company will hold the stock certificate until the restriction period ends on March 15, 2007, at which point the shares will be released to her.
Exhibit 10.3
March 16, 2006
Dear Carolyn:
As you are aware, 33% ($9,667) of your annual bonus has been issued in restricted stock which will vest March 15, 2007. The number of shares issued was calculated using the closing price of Celsion stock on March 15, 2006 ($4.08). The company will issue a certificate for 2,369 shares of Celsion 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
