Item 1.01 - Amendment of a Material Definitive Agreement.
Effective November 29, 2022, Applied Energetics, Inc. and Dr. Gregory J. Quarles
amended Dr. Quarles's Executive Employment Agreement. The amendment provides for
an extended term of three years, commencing on the date thereof, and increases
Dr. Quarles's base compensation by $50,000 per year commencing November 1, 2022,
increasing his base salary to $400,000 per year.
Acknowledging that Dr. Quarles's options to purchase 2,000,000 shares of the
company's common stock, pursuant to a prior option agreement, have expired
unexercised, the amendment also provides for the grant to Dr. Quarles of
Restricted Stock Units covering shares in the amount of 1,954,545. The RSUs are
pursuant to a separate RSU agreement and are set to vest upon the occurrence of
(a) the company receiving cumulative revenues in the amount of $5 million as a
direct result of customer leads generated for the Company by Quarles and set
forth in an exhibit to his agreement; and (b) the company's completion of an
offering of its common stock in the future, with proceeds specified therein and
sufficient to cover any tax withholding requirement from a net exercise.
Item 9.01 Exhibits
4.1 Restricted Stock Unit Agreement, dated as of November 29, 2022, by and
between the company and Gregory J. Quarles.
10.1 Third Amendment to Executive Employment Agreement, dated as of November
29, 2022, by and between the company and Gregory J. Quarles.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
1
© Edgar Online, source Glimpses