Option agreement by and between FREYR and Jan Arve Haugan, dated December 31, 2020
Exhibit 10.18
Private & confidential to
Jan Arve Haugan (the ‘Participant’)
Stock Options
2.500.000 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, however, Management will put this stock options award forward to the Board for approval with an Exercise Price for all 3 granting dates equivalent to the volume weighted average share price the thirty days leading up to the date of signing the employment contract.
Grant schedule
Grant date | Options granted | Exercise price | ||
| On signing of employment contract | 833 334 | |||
| Financial Close 1st commercial plant | 833 334 | |||
| | Financial Close 2nd commercial plant | 833 333 | Exercise price based on 30-day weighted trading average prior to employment | |
| TOTAL | 2 500 000 | |||
Vesting date | 01.01.2024 | |||
Exercise period | 01.01.24 - 31.12.25 | |||
Options that have not been exercised by 17:00 hours (CET) on 31.12.25 will lapse without any consideration and may not be exercised by the Participant.
| Date: 31.12.2020 | Date: 31.12.20 | ||
| /s/ Tom Jensen | /s/ Jan Arve Haugan | 08/01/2021 | |
| Chief Executive Officer | Jan Arve Haugan | ||
| Freyr AS | Participant |
