GelTech Solutions, Inc. (OTCMKTS:GLTC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 16, 2017, GelTech Solutions, Inc. (the “Company”) and Michael Hull, the Company’s Chief Financial Officer, entered into a new three-year Employment Agreement. The Employment Agreement provides for a base salary of $150,000 per year and a car allowance of $600 per month. The Company’s Compensation Committee will also have the discretion to award Mr. Hull a discretionary bonus. In consideration for entering into the Employment Agreement, Mr. Hull was granted 125,000 fully vested 10-year stock options exercisable at $0.1849 per share.
About GelTech Solutions, Inc. (OTCMKTS:GLTC)
GelTech Solutions, Inc. focuses on various environmentally friendly products, such as FireIce products, Soil2O Dust Control products and Soil2O. FireIce products include a line of fire suppression and fire retardant products, and the equipment used for their varied applications, including the Emergency Manhole FireIce Delivery System (EMFIDS), and FireIce Shield, a line of asset protection products. Soil2O Dust Control products include Soil2O Dust Control and Soil2O Soil Cap. Soil2O includes a line of agricultural moisture retention products, including Soil2O Topical and Soil2O Granular. It offers FireIce in a range of colored variations, such as Fugitive Orange (Sunset Orange) and Fugitive Blue (Cool Blue). As of December 31, 2015, it marketed two distinct versions of Soil2O: Soil2O Topical, a topically applied version, and Soil2O Granular, that is applied prior to planting. Soil2O Soil Cap is a dust control solution designed to stabilize stockpile erosion caused by wind and rain.