LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
Item 5.02Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
OnJanuary 25, 2019, Lifeloc Technologies, Inc., a Colorado corporation (the “Company”) entered into the First Amendment to the Amended and Restated Employment Agreement (the “Amendment”) with Wayne Willkomm, Ph.D., the Company’s President and Chief Executive Officer. The principal purpose of the Amendment is to add incentive milestones for the employee’s already-issued Stock Options. All other terms from the October 6, 2017 Amended and Restated Employment Agreement remain in full force and effect.
(e) Notwithstanding the foregoing performance requirements, in the event that the product known as SpinDx, including the marijuana breathalyzer which incorporates SpinDx technology, has been completed and submitted to regulatory authorities for review by or before December 31, 2019, all of the 50,000 Stock Options will vest in full, whether or not the foregoing sales and earnings requirements have been met.
The foregoing description of the Agreement is qualified in its entirety by the terms set forth in the definitive agreement attached hereto as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Lifeloc Technologies, Inc Exhibit
EX-10.1 2 ex10x1.htm EXHIBIT 10.1 Exhibit 10.1 FIRST AMENDMENT TO THE AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT THIS FIRST AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into effective this 25th day of January,…
To view the full exhibit click here
About LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC)
Lifeloc Technologies, Inc. is a developer, manufacturer and marketer of portable hand-held and fixed station breathalyzers and related accessories, supplies and education. The Company operates through two segments: Products and Rentals. The Products segment includes the sale of physical products, including portable hand-held breathalyzers and related accessories, supplies, education, training, and royalties from development contracts with original equipment manufacturer (OEM). The Rentals segment includes rental of a portion of the Company’s building. It designs, produces and sells fuel-cell based breath alcohol testing equipment. In addition, it offers a line of supplies, accessories, services, and training to support customers’ alcohol testing programs. It product line, FC Series, is designed for domestic and international law enforcement and corrections markets. It also provides the EV30 and Phoenix 6.0 Evidential Breath Tester (Phoenix 6.0).