Sonoma Pharmaceuticals Inc. filed SEC Form 8-K: Leadership Update
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| Item 5.02. | Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 2, 2025, we completed our annual equity grant to employees, including executive officers, of the Company. The annual grant is intended to recognize employees who meet certain employment criteria and to retain key employees. The Company’s non-employee directors each received 7,500 options. The exercise price of the options is based on the closing price of our common stock of $2.68 per share on January 2, 2025, and the options vest in three equal tranches on the first, second and third anniversary of the grant date. Each executive officer received Restricted Stock Units (RSUs) as follows:
| · | Amy Trombly, Chief Executive Officer: 10,000 RSUs; | |
| · | Jerry Dvonch, Chief Financial Officer: 10,000 RSUs; and | |
| · | Bruce Thornton, Executive Vice President and Chief Operating Officer: 10,000 RSUs. |
The RSUs vest in three equal tranches 6, 18 and 24 months from the grant date with a valuation based on the five day weighted-average stock price on the date of vesting. All options and RSUs vest upon change of control and as otherwise provided in an executive officer’s employment agreement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SONOMA PHARMACEUTICALS, INC. | ||
| Date: January 3, 2025 | By: | /s/ Amy Trombly |
|
Name: Title: |
Amy Trombly Chief Executive Officer | |
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