Ener-Core, Inc. Stock Option Reformation Agreement with Alain Castro (August 2013)
This agreement confirms that Ener-Core, Inc.'s Board of Directors approved a change to Alain Castro's stock option grant from July 3, 2013. The exercise price of the options is updated to $1.00 per share, reflecting the fair market value of the company's common stock on that date. Alain Castro, as both the recipient and a board member, voted in favor of this change. The agreement is acknowledged and accepted by Alain Castro.
August 26, 2013
Alain Castro
512 N. McClurg Ct. Ste 1707
Chicago, IL 60611
Re: Reformation of Stock Options
Dear Alain:
This message provides confirmation that, on August 23, 2013, our Board of Directors unanimously (with you voting in favor and not recusing yourself) approved that the option grant made to you on July 3, 2013 be reformed by substituting a higher exercise price based on the closing price on July 3, 2013 ($1.00), which represents the fair market value of the Corporation’s common stock determined as of such date.
Should you have any questions, please feel free to be in touch.
Yours sincerely,
/s/ Michael Levin
Michael Levin
Corporate Secretary
Ener-Core, Inc.
Acknowledged and agreed,
| Alain Castro | Date |
