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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 14 - SUBSEQUENT EVENTS:

 

On February 4, 2019, the Company and the Company’s CEO, entered into an amended and restated employment agreement (the “A&R Employment Agreement”). The A&R Employment Agreement amended, restated and superseded the CEO’s prior employment agreement with the Company, including any amendments thereto. The A&R Employment Agreement, among other things, (i) modify the term of the CEO’s employment to end on December 31, 2020 (“the A&R Term”), unless earlier terminated; (ii) grant the CEO 2,000,000 shares of restricted stock; (iii) upon achievement of certain criteria, the CEO will be eligible to receive an equity bonus relating to the number of shares of the Company’s common stock equal to 5% of the Company’s shares outstanding on the date of the grant (inclusive of, rather than in addition to, the 2,000,000 shares granted in (ii)), subject to Board approval, which shall be comprised of as close as is practicable to 50% stock options and 50% shares of restricted stock; (iv) entitle the CEO to a one-time lump sum severance payment of $850,000 if, during the A&R Term, the employment is terminated under certain conditions; provided, however, that if we have offered to extend the A&R Employment Agreement beyond December 31, 2020 on terms no less favorable than the terms of the A&R Employment Agreement and the CEO does not agree to such extension, the CEO will receive a one-time lump sum severance payment would be $600,000 instead of $850,000. In addition, as provided by the A&R Employment Agreement, in February 2019, we paid $33,000 to the CEO for his accrued but unused vacation time through the calendar year 2018.

 

In February 2019, the Company granted 3,437,275 restricted shares to certain employees and directors, inclusive of the 2,000,000 restricted shares issued to the CEO as mentioned above.