Director Fee Deferral and Stock Option Agreement between Ann Marie Coverly and the Company (August 2017)
This agreement is between Ann Marie Coverly and the Company, confirming that she will defer 100% of her director’s fees starting in September 2017 until the Board of Directors decides otherwise. The deferred fees will be paid at a future date determined by the Board. In return for agreeing to this deferral, Ms. Coverly will receive stock options at a set price, with the number and terms to be finalized later. The agreement aims to help the Company conserve cash during this period.
Exhibit 10.3
Memo
| Date: | August 25, 2017 | |
| To: | ||
| From: | Ann Marie Coverly | |
| Re: | 100% Director’s fee Deferral |
This memo is to acknowledge your understanding of and agreement to terms conveyed to you in recent conversations regarding the deferral of 100% of your director’s fees commencing for the first pay period in September 2017 and continuing until discontinued by the Board of Directors.
In order to conserve cash all Directors have agreed to a director’s fee deferral of 100%. You hereby authorize the Company to withhold 100% of your director’s fees on a per pay period basis. The deferred compensation will be paid to you at such time as the Board Determines. The Board has agreed to issue to you 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, for agreeing to defer your fees, with the number and other terms of such options to be determined at a later date.
I hereby acknowledge my understanding of and agree to the above:
| Date |
