BioLargo, Inc. Engagement Extension Agreement
Ex.
10.1
![](https://www.sec.gov/Archives/edgar/data/880242/000143774910000238/image1.gif)
This Engagement Extension Agreement
(the “Extension”) references the Engagement Agreement and Scope Letter dated
February 1, 2008 (“2008 Agreement”) by and between CFO 911 (the “Advisor”) and
BioLargo, Inc. (the “Company”), and the Engagement Extension Agreement dated
February 23, 2009 (the “2009 Extension”), pursuant to which Xxxxxxx X. Xxxxxx XX
agreed to serve as the Company’s Chief Financial Officer. The parties desire to
extend the terms of the 2008 Agreement and 2009 Extension for a period of one
year, pursuant to the terms of this Extension. The 2008 Agreement, the 2009
Extension, and the Extension are collectively referred to herein as the
“Agreement”.
Except as
expressly amended herein, all terms and conditions set forth in the 2008
Agreement and 2009 Extension are incorporated herein by this reference, and
continue to be in full force and effect. Effective February 1, 2010, the Advisor
and the Company hereby agree to extend the Term of the engagement as set forth
in the 2008 Agreement and 2009 Extension for one year (the “Extended Term”), to
expire January 31, 2011. Notwithstanding the foregoing, either party may
terminate this Agreement upon 30 days’ written notice.
During
the Extended Term, the Advisor shall receive the cash compensation as set forth
in the 2008 Agreement. In addition to cash compensation, the Advisor will be
issued stock options over the Extended Term, as follows:
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·
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options
to purchase 10,000 shares of the Company’s common stock, each such option
to be granted on the last business day of each month commencing February
2010 and ending January 2010, provided that this Agreement has not been
terminated prior to each such grant date, at an exercise price equal to
the closing price of a share of the Company’s common stock on each grant
date, each such option to be fully vested upon
grant.
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AGREED
TO AND ACCEPTED THIS 1st
DAY OF FEBRUARY, 2010
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CFO
911
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BioLargo,
Inc.
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0000
X. Xxxxxxxxxx Xxx., Xxxxx 000
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00000
Phoebe
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Playa
del Rey, CA 90232
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Xx
Xxxxxx, XX 00000
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By:
/s/ Xx.
Xxxxxxx X. Xxxxxx XX
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By:
/s/ Xx.
Xxxxxx X. Xxxxxxx
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Name:
Xx. Xxxxxxx X. Xxxxxx XX
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Name:
Xx. Xxxxxx X. Xxxxxxx
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Title: Chief
Executive Officer
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Title: President
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Date: February
1, 2010
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Date: February
1, 2010
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