Option agreement by and between FREYR and Steffen Freid, dated July 24, 2020
Exhibit 10.16
Private & confidential to
Steffen Føreid (the ‘Participant’)
Stock Options
1,000,000 stock options are granted to the Participant on the terms set out in this allocation letter, in the Stock Option policy and in any resolutions decided upon by either the Board of Directors or Annual General Assembly.
The Options will be subscribed by Freyr AS (the ‘Company’) and transferred to the Participant immediately after vesting. The Options are granted without consideration from the Participant other than the relevant Exercise price.
The Participant shall pay the Exercise price for each Option that is exercised. The Exercise Price is determined by the Board of Directors of the Company according to the Stock Option Plan.
Grant schedule
| Grant date | Options granted | Exercise price | ||||||
| 24.07.2020 | 375 000 | 1.50 NOK | ||||||
| Financial close 1st facility (Fast track) | 375 000 | 1.50 NOK | options earmarked for the Optionee at the relevant Exercise price, granted after 12 months in the job. | |||||
| Financial close 2nd facility | 250 000 | 1.50 NOK | ||||||
| TOTAL | 1 000 000 | |||||||
| Vesting date | 01.10.2023 | |||||||
| Exercise period | 01.10.23 - 30.09.25 |
Options that have not been exercised by 17:00 hours (CET) on 30.09.25 will lapse without any consideration and may not be exercised by the Participant.
| Date: 24th July 2020 | Date: | |
| Place: Oslo | Place: | |
| /s/ Tom Jensen | /s/ Steffen Føreid | |
| Tom Jensen, CEO Freyr AS | Participant |
