On February 16, 2022, the Board also approved increased change of control severance entitlements for specified groups of the Company's key employees. In the event of a qualifying termination following a change of control of the Company, the Company's PFO would be entitled to receive severance equal to 9 months of base salary, his target bonus, and 9 months of Company-paid COBRA premiums.
Finally, on February 21, 2022, the Board, upon the recommendation of the compensation committee of the Board, approved an increase in the base salary to $700,000 for, and an award of performance-based restricted stock units ("PSUs") to, G. Kelly Martin, the Company's chief executive officer, pursuant and subject to the terms and conditions of the Company's 2018 Stock Option and Incentive Plan (the "Plan"). PSUs subject to the award are eligible to be earned based on the achievement of specified stock price targets ranging from $10 to $20 per share during the period beginning on the grant date and ending on February 21, 2025 (the "PSU Performance Period").