Ener-Core, Inc. Stock Option Reformation Agreement with Stephen L. Johnson (August 2013)
Ener-Core, Inc. and Stephen L. Johnson have agreed to reform a stock option grant originally made to Johnson on July 3, 2013. The Board of Directors, including Johnson, approved changing the exercise price of the options to $1.00 per share, reflecting the fair market value of the company's common stock on the grant date. Johnson has acknowledged and agreed to this change. The agreement ensures the option terms comply with fair market value requirements as of the original grant date.
August 26, 2013
The Hon. Stephen L. Johnson
5922 Jefferson Blvd.
Frederick, MD 21703
Re: Reformation of Stock Options
Dear Steve:
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,
| Stephen L. Johnson | Date | ||
