On September 20, 2007, the Board of Directors of Liquidmetal Technologies, Inc. (the "Company"), upon the recommendation of the Board's Compensation Committee, voted to increase the annual base salary paid to John Kang, the Chairman of the Board of Directors of the Company, to $300,000. Under his employment agreement with the Company, Mr. Kang's base salary was previously set at $200,000. The payment of Mr. Kang's new salary will be effective for all of 2007.
Also on September 20, 2007, the Board of Directors of the Company voted to grant common stock options under the Company's 2002 Equity Incentive Plan to John Kang, the Chairman of the Board of Directors, Larry Buffington, the Company's Chief Executive Officer and President, and Won Chung, the Company's Vice President of Finance. Mr. Kang and Mr. Buffington each received options to purchase 500,000 shares of the Company's common stock at an exercise price of $0.77 per share and Mr. Chung received options to purchase 20,000 shares of the Company's common stock at an exercise price $0.77 per share. The exercise price was equal to the closing price of the Company's common stock on the grant date.
These options will vest in five equal increments annually over the next five years.
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