Ann: Form 8K - CEO Compensatory Terms, page-2

Wow Frank's compensation is very generous. Considering he has been unemployed for the last 9 months after driving his last company into the gutter I am impressed with his negotiating skills. Let's hope these translate into more sale for AXP.

In connection with Mr. Grillo’s appointment as President and Chief Executive Officer, the Remuneration and Nomination Committee of AirXpanders approved the compensation terms for Mr. Grillo, pursuant to which Mr. Grillo will receive:  (1) a base salary of US$450,000 per year, with target bonuses for 2018 of 30% of salary for short-term incentives (“STI”) and 50% of salary for long-term incentives (“LTI”) with actual bonuses to be determined based on performance and approval by theBoard; LTIs are issuable in options to acquire AirXpanders common stock and are subject to stockholder approval; and (2) a stock option to acquire shares of AirXpanders common stock equal to five percent (5.0%) of the fully diluted capitalization of AirXpanders (“Capitalization”) to be granted, subject to the approval of stockholders, on the earlier of (a) the Company having completed a financing through the issuance of debt or equity of US$10.0 million or more, or (b) the twelve (12) month anniversary of the start of employment or (c) a change in control of the Company. Upon issuance, vesting shall commence on the start of employment, with 25% of the issued stock options vesting on the one year anniversary of the start of employment, with monthly vesting thereafter over the remaining three year vesting term, assuming continued employment