 SulphCo(R) Announces Modification of Stock Option and Lockup Agreements HOUSTON, Dec. 11 /PRNewswire-FirstCall/ -- SulphCo®, Inc. (the "Company") (Amex: SUF - News) announced that the Stock Option Agreement and Lockup Agreement dated April 24, 2007 among Dr. Rudolf W. Gunnerman, the Company's former Chairman and CEO, his wife Doris Gunnerman (the "Gunnermans"), and persons or entities holding options to purchase common stock of the Company from the Gunnermans ("Optionees"), were amended by Amendment No.1 to Stock Option Agreement and Lockup Agreement dated November 27, 2007 (the "Amendment"). The Amendment provides:
1. The right of Optionees to exercise their option to purchase 1,500,000
shares of the Company's common stock from the Gunnermans is extended
from December 27, 2007 through February 29, 2008.
2. Notwithstanding the restrictions on transfer contained in the Lockup
Agreement, the Gunnermans may transfer an amount equal to up to 1% of
the outstanding common stock of the Company each three months pursuant
to an SEC Rule 10b5-1 plan.
All restrictions on purchases and sales of Company common stock by the Gunnermans pursuant to the Lockup Agreement expire on December 31, 2007.
|
