Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds
On July 27, 2020, the board of directors (the “Board”) of the Company adopted its 2020 Stock Incentive Plan (the “2020
Plan”) and the reservation of an aggregate of 650,000 shares of the Company’s common stock, par value $0.0001 per share (“Common
Stock”), authorized for issuance under the 2020 Plan. The 2020 Plan authorizes the grant of equity-based compensation to the Company’s
senior managers, employees, directors, consultants, professionals and service providers in the form of stock options, restricted stock
and restricted stock units (each, an “RSU” and collectively, the “RSUs”). The 2020 Plan was approved by the Company's
shareholder on October 20, 2020.
On July 27, 2020, the Company granted an
aggregate of 237,824 RSUs under the 2020 Plan (collectively the “2020 RSU Grants”) to the following executives officers
of the Company: (i) to Brett Moyer, the Company’s President, Chief Executive Officer and Chairman of the Board, 145,000 RSUs;
(ii) to George Oliva, the Company’s Chief Financial Officer, 61,824 RSUs; and (iii) to Gary Williams, the Company’s
Chief Accounting Officer and VP of Finance, 31,000 RSUs. Each of the 2020 RSU Grants are scheduled to vest on the first, second,
and third anniversaries of August 15, 2020, so long as such executive officer remains in service of the Company on each such anniversary.
Each RSU represents the right to receive one share of Common Stock under the 2020 Plan. The 2020 RSU Grants were issued in reliance
on the exemption from registration pursuant to Rule 701 under the Securities Act.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.