Mr. Flowers is entitled to a change in control payment should the surviving company not retain him after a merger or acquisition, additionally all of his unvested stock options vest and become exercisable as of the date of the change in control. A lump sum payment is to be made by us to Mr. Flowers as specified in the Flowers Agreement.
The table below was prepared as though a Change in Control occurred and Mr. Flowers’ employment was terminated on May 31, 2009.
Change in Control Payment Estimate
May 31, 2009
|
Name
|
|
Severance Pay ($) |
|
Stock Options
(Black-Scholes Value)
($)
|
|
Total ($) |
|
Clifford L. Flowers
|
|
$
|
115,875
|
|
$
|
110,321
|
|
$
|
226,196
|
