Celsion Corporation Restricted Stock Bonus Award Letter to Michael Oleck (March 16, 2006)
Celsion Corporation has awarded Michael Oleck 4,534 shares of restricted stock as part of his annual bonus, valued at $18,500, based on the stock's closing price on March 15, 2006. The shares will be held by the company and will vest on March 15, 2007, at which point the certificate will be released to Mr. Oleck. This letter outlines the terms of the restricted stock award and the vesting schedule.
Exhibit 10.4
March 16, 2006
Dear Mike:
As you are aware, 50% ($18,500) 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 4,534 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
