Initial Grant. As soon as practicable after the Effective Date, the Company will grant to Executive restricted stock units (“RSUs”) under the Company’s Incentive Plan. The number of RSUs will be the quotient of (a) six (6) times Executive’s Base Salary, divided by (b) the closing price of the Company’s common stock on the Effective Date (or, if the Effective Date is not a trading day, the last preceding trading day), rounded down to the nearest whole share. The RSUs will vest as to one-third (1/3) of the RSUs on each of the first, second and third anniversaries of the date of grant, in each case subject to Executive’s continued employment through the applicable vesting date. Except as expressly provided in this Agreement, the RSUs will otherwise be governed by the Incentive Plan and the applicable award agreement.
Appears in 5 contracts
Sources: Employment Agreement (Cleanspark, Inc.), Employment Agreement (Cleanspark, Inc.), Employment Agreement (Cleanspark, Inc.)