Executive Pay Deferral and Stock Option Incentive Agreement between Ann Marie Coverly and Company
This agreement confirms that Ann Marie Coverly agrees to defer 40% of her salary starting in September 2017, with the deferral continuing until the Board of Directors decides otherwise. The deferred pay will be withheld each pay period and paid out later as determined by the Board. As an incentive, Ann Marie will receive stock options at a set price, with the number and terms to be decided by the Board in the future. The agreement aims to help the company conserve cash while providing compensation incentives to upper management.
Exhibit 10.2
Memo
| Date: | August 25, 2017 | |
| To: | ||
| From: | Ann Marie Coverly | |
| Re: | 40% Pay Deferral |
This memo is to acknowledge your understanding of and agreement to terms conveyed to you in recent conversations regarding the deferral of 40% of your pay commencing for the first pay period in September 2017 and continuing until discontinued by the Board of Directors.
In order to conserve cash upper management has agreed to a pay deferral of 40%. You hereby authorize the Company to withhold 40% of your salary on a per pay period basis. The deferred compensation will be paid to these Executives, minus appropriate withholdings at such time as the Board Determines.
As an incentive for deferring compensation, you will be awarded common stock purchase options with an exercise price of $0.37 per shares, the closing price of the Common Stock on the NYSE American on August 25, 2017, the number and other terms of which will be determined at a later date by and in the discretion of the Board.
I hereby acknowledge my understanding of and agree to the above:
| Date | ||||
