| Item 5.02. | Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 29, 2023, we completed our annual grant of stock options to employees, including executive officers, of the Company. The Company's non-employee directors elected to waive their annual grant of stock options. The annual grant is intended to recognize employees who meet certain employment criteria and retain key employees. The exercise price of the options is based on the closing price of our common stock of $0.18 per share on December 29, 2023, and the options granted to executive officers vest in three equal tranches on the first, second and third anniversary of the grant date. All options vest upon change of control and as otherwise provided in an executive officer's employment agreement. Each executive officer received grants as follows:
| · | Amy Trombly, Chief Executive Officer: 60,000 options; |
| · | Jerry Dvonch, Interim Chief Financial Officer: 60,000 options; and |
| · | Bruce Thornton, Chief Operations Officer: 60,000 options. |
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Sonoma Pharmaceuticals Inc. published this content on 29 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2023 22:25:54 UTC.