$12,500 annual car allowance, both of which were prorated in 2020 based upon his employment which began on May 1, 2020.
(9)
On April 9, 2020, Dr. Deliargyris received 120,000 restricted stock units which vest as of and only upon a “Change in Control” of the Company as defined in the Company’s 2014 Long-Term Incentive Plan. Because a “Change of Control” is not contemplated or probable at this time, there is no amount associated with this award. Additionally, on April 9, 2020, Dr. Deliargyris received 20,000 restricted stock units which vest upon the earlier of (1) a “Change in Control” of the Company as defined in the Company’s 2014 Long-Term Incentive Plan or (2) cliff vest in four years, provided that the named executive officer remains employed by the Company. The amount shown represents the fair market value of the vested and unvested restricted stock units awarded on April 9, 2020 and has been calculated in accordance with ASC Topic 718.
On April 12, 2021, the Board granted options to purchase 96,000, 78,200, 69,000, and 63,250 shares of Common Stock at an exercise price of $8.99 per share to each of Dr. Chan, Mr. Capponi, Ms. Bloch, and Dr. Deliargyris, respectively. One quarter of these options vested on April 12, 2021, one quarter will vest April 12, 2022, one quarter will vest April 12, 2023, and one quarter will vest April 12, 2024, subject to applicable named executive officer’s continued service as of applicable vesting date. Additionally, on April 12, 2021, the Board granted 72,000, 62,215, 49,450, and 40,000 restricted stock units to Dr. Chan, Mr. Capponi, Ms. Bloch, and Dr. Deliargyris, respectively. One third of these restricted stock units vested on April 12, 2021, one third will vest on April 12, 2022 and one third will vest on April 12, 2023, subject to applicable named executive officer’s continued service as of applicable vesting date and will be settled into Common Stock upon vesting.
Employment Agreements
Dr. Phillip P. Chan
On July 30, 2019, we entered into an amended and restated executive employment agreement with Dr. Chan relating to his employment as our President and Chief Executive Officer. Pursuant to his employment agreement, Dr. Chan receives reimbursement for certain travel expenses in the amount of $12,000 per year. Dr. Chan’s employment agreement also provides for terms of benefits afforded to Dr. Chan, including the ability to participate in various group insurance plans, reimbursement for reasonable business expenses, liability insurance, vacation time and bonuses. Dr. Chan’s amended and restated employment agreement had an initial term of three years and became effective as of January 1, 2019. Accordingly, Dr. Chan’s employment agreement will expire on December 31, 2021. Thereafter, Dr. Chan’s employment shall automatically renew for additional terms of one year, unless the Company or Dr. Chan provides written notice of non-renewal to the other party at least sixty (60) days prior to commencement of a Renewal Term.
In addition, Dr. Chan’s employment agreement provides for benefits if his employment is terminated under certain circumstances, as more fully described under “Executive Compensation — Potential Payments upon Termination or Change of Control.”
Vincent J. Capponi, MS
On July 30, 2019, we entered into an amended and restated executive employment agreement with Mr. Capponi relating to his employment as our Chief Operating Officer. Mr. Capponi’s employment agreement provides for terms of benefits afforded to Mr. Capponi, including the ability to participate in various group insurance plans, reimbursement for reasonable business expenses, liability insurance, vacation time and bonuses. Mr. Capponi’s amended and restated employment agreement had an initial term of three years and became effective as of January 1, 2019. Accordingly, Mr. Capponi’s employment agreement will expire on December 31, 2021. Thereafter, Mr. Capponi’s employment shall automatically renew for additional terms of one year, unless the Company or Mr. Capponi provides written notice of non-renewal to the other party at least sixty (60) days prior to commencement of a Renewal Term.
In addition, Mr. Capponi’s employment agreement provides for benefits if his employment is terminated under certain circumstances, as more fully described under “Executive Compensation — Potential Payments upon Termination or Change of Control.”