Incentive Plan and cash compensation. In connectionDr. Van Voorhees will receive an annual salary of $300,000, which is subject to adjustment at the discretion of the PDS’s board of directors. Dr. Van Voorhees is also eligible for an annual performance bonus of 35% of his base salary, as determined by our Board or the compensation committee of our Board, provided that Dr. Van Voorhees remains employed with the retention arrangement, Mr. Leuthner received cash compensationCompany on the last day of $318,000 and equity awards of 16,903 shares granted June 15, 2018 and 8,451 shares granted August 14, 2018, with one-third of such awards allocated as RSUs and two-thirds as options with an exercise pricethe relevant performance period.
The employment agreement further provides that if Dr. Van Voorhees’ employment is terminated by PDS without cause or if he resigns for good reason, then, Dr. Van Voorhees will be entitled to receive (i) a severance payment equal to the closing price on the applicable grant date.
Equity Incentive Compensation
PDS has five equity compensation plans: the 2009 Amended Stock Plan, the 2010 Equity Incentive Plan, the 2012 Equity Incentive Plan, 2014 Amendedtwelve months’ of his then-current base salary and Restated Equity Incentive Plan and the 2018 Stock Incentive Plan, or the Plans. Originally, the Company was able to grant(ii) reimbursement for health care continuation (COBRA) premiums for up to 27,4106 months following the date of his termination. The employment agreement contains customary non-competition and 54,820 shares of Common Stocknon-solicitation covenants, as both incentive stock options, or ISOs, and nonqualified stock options, or NQs, under the 2010 Equity Incentive Plan and the 2012 Equity Incentive Plan, respectively. In 2013, the Company’s stockholders approvedwell as an increase to 63,957 shares authorized for issuance under the 2010 Equity Incentive Plan. In 2014, the Company’s board of directors approvedinvention assignment agreement.
Andrew Saik
October 31, 2017, Edge entered into an increase to 67,520 shares authorized for issuance under the 2010 Equity Incentive Plan.
In 2014, the Company’s stockholders approved the 2014 Equity Incentive Planemployment agreement with Mr. Saik, pursuant to which he agreed to serve as Edge’s Chief Financial Officer. Mr. Saik remained employed with PDS as its Chief Financial Officer and served as a director of PDS following the Company may grant up to 91,367 shares as ISOs, NQs and restricted stock units, or RSUs, subject to increases as hereafter described, which is referred to as the Plan Limit. In addition, on January 1, 2015 and each January 1 thereafter and prior to the terminationconsummation of the 2014 Equity Incentive Plan, pursuantMerger and later resigned from his role as Chief Financial Officer and as a director on March 20, 2020 in order to the termspursue other professional endeavors. As Mr. Saik resigned without good reason, he was not entitled to, and did not receive, any of the 2014 Equity Incentive Plan, the Plan Limit was increased by the lesser of (x) 4% of the number of shares of common stock of the Company outstanding as of the immediately preceding December 31 and (y) such lesser number as the Company’s board of directors may determine in its discretion. On January 1, 2016, 2017, 2018 and 2019 the Plan Limit was increasedseverance payments or benefits that he would have otherwise been eligible to 152,366 shares, 210,203 shares, 271,941 shares and 323,529 shares, respectively. In March 2019, the Plan was amended and restated which removed the annual increase component and was limited to 826,292 shares.
In 2018, the Company’s stockholders approved the 2018 Stock Incentive Plan pursuant to which the Company may grant up to 558,071 shares as Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Preferred Stock, (v) Stock Reload Options and/receive under his employment agreement had he resigned for good reason or (vi) Other Stock-Based Awards.
Pursuant to the terms of the Plans, ISOs have a term of ten years from the date of grant or such shorter term as may be provided in the option agreement. Unless specified otherwise in an individual option agreement, ISOs generally vest over a four year term and NQs generally vest over a one to five year terms. Unlessbeen terminated by the Company’s board of directors, the Plans shall continue to remain effective for a term of ten years or until such time as no further awards may be granted and all awards granted under the Plans are no longer outstanding. As of December 31, 2019, there were 190,799 shares available for grant under the 2018 Stock Incentive Plan.
On June 17, 2019, the Company’s board of directors adopted the 2019 Inducement Plan. The 2019 Inducement Plan provides for the grant of non-qualified stock options. The 2019 Inducement Plan was recommended for approval by the Compensation Committee of the Board and subsequently approved and adopted by the Company’s board of directorsus without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Company’s board of directors has reserved 200,000 shares of the Company’s common stock for issuance pursuant to non-qualified stock options granted under the 2019 Inducement Plan, and the 2019 Inducement Plan will be administered by the Compensation Committee of the Company’s board of directors. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, non-qualified stock options under the 2019 Inducement Plan may only be made to an employee who has not previously been an employee or member of the Board (or any parent or subsidiary of the Company), or following a bona fide period of non-employment by the Company (or a parent or subsidiary of the Company), if he or she is granted such non-qualified stock options in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. As of December 31, 2019, there were 126,500 shares available for grant under the 2019 Inducement Plan.cause.