Compensation Arrangement for Interim CEO George R. Cattermole with Charles & Colvard, Ltd.
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Summary
Charles & Colvard, Ltd. has agreed to compensate George R. Cattermole for his service as Interim Chief Executive Officer. He will be paid $6,000 per week as an independent contractor, with 70% of this amount paid in cash every two weeks and 30% paid in restricted stock. The stock portion will accrue and be issued with immediate vesting, valued as of the day before a permanent CEO is appointed.
EX-10.3 2 exhibit103.htm COMPENSATION ARRANGEMENT exhibit103.htm
Exhibit 10.3
Summary of Compensation Arrangement with George R. Cattermole
For serving as Interim Chief Executive Officer of Charles & Colvard, Ltd. (the “Company”), George C. Cattermole will be compensated as an independent contractor, at a value of $6,000 per week with 70% of such sum paid in cash on a biweekly basis and 30% in restricted stock. The amount payable in restricted stock will accrue and be payable in stock, vesting immediately, and valued as of the close of the business day immediately prior to the appointment of a permanent Chief Executive Officer for the Company.
