BioLargo, Inc. (OTCMKTS:BLGO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On December 31, 2017, BioLargo, Inc. (the “Company”) and its Chief Financial Officer Charles K. Dargan, II formally agreed to extend the engagement agreement dated February 1, 2008 (the “Engagement Agreement”, which had been previously extended multiple times), to which Mr. Dargan has been serving as the Company’s Chief Financial Officer. The Engagement Extension Agreement dated as of December 31, 2017 (the “Engagement Extension Agreement”) provides for an additional term to expire September 30, 2018 (the “Extended Term”), and is retroactively effective to the termination of the prior extension on October 1, 2017.
Mr.Dargan shall be compensated through the issuance of an option to purchase 300,000 shares of the Company’s common stock, at a strike price of $0.39 per share, which is equal to the closing price of the Company’s common stock on the last business day of the year, to expire December 31, 2027, and to vest over the term of the engagement with 75,000 shares having vested as of December 31, 2017, and the remaining shares to vest 25,000 shares monthly beginning January 31, 2018, and each month thereafter, so long as the Engagement Agreement is in full force and effect.
Mr. Dargan will continue to be reimbursed for business expenses he incurs in connection with the performance of his services as the Company’s Chief Financial Officer. All other provisions of the Engagement Agreement not expressly amended to the Engagement Extension Agreement remain the same, including provisions regarding indemnification and arbitration of disputes.
Item 1.01 Financial Statements and Exhibits
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Management contract or compensatory plan, contract or arrangement |
BIOLARGO, INC. ExhibitEX-4.1 2 ex_102570.htm EXHIBIT 4.1 ex_102570.htm Exhibit 4.1 Security #33090 STOCK OPTION AGREEMENT This Non-Qualified Stock Option Agreement (this “Agreement”) is made and entered into as of December 31,…To view the full exhibit click here
About BioLargo, Inc. (OTCMKTS:BLGO)
BioLargo, Inc. is a provider of platform technologies. The Company’s products are used to eliminate contaminants that threaten the water, health and quality of life. Its technology has commercial applications within several industries. The Company focuses on four areas: water treatment; industrial odor control applications; commercial, household and personal care products (CHAPP), and advanced wound care. Its AOS Filter combines iodine, water filter materials and electrolysis within a water filter device. It generates oxidation potential in order to oxidize and breakdown or otherwise eliminate, soluble organic contaminant, which are found in contaminated water. Its CupriDyne formula is used to deliver iodine within products. The Isan System is an automated iodine dosing system, which features controlled measuring, flow control, dosing and iodine extraction and removal technology, as well as an automatic tracking system that delivers iodine in calibrated doses.
