LM Funding America, Inc. Stock Option Cancellation Agreement with Employee
This agreement is between LM Funding America, Inc. and an employee, effective November 18, 2022. The employee agrees to voluntarily cancel a specific stock option, as detailed in an attached exhibit, so that the company can make more shares available for future grants under its 2021 Omnibus Incentive Plan. The employee will not receive any compensation or future consideration for this cancellation. Both parties confirm that this agreement contains their full understanding regarding the cancellation, and it is governed by Delaware law.
Exhibit 10.3
LM FUNDING AMERICA, INC.
STOCK OPTION CANCELLATION AGREEMENT
THIS STOCK OPTION CANCELLATION AGREEMENT (this “Agreement”), is made effective as of November 18, 2022, between LM Funding America, Inc., a Delaware corporation (the “Company”), and ________ (the “Employee”).
WHEREAS, the Employee believes that it is in the best interest of the Company and its shareholders to voluntarily cancel the existing Company stock option held by Employee set forth on Exhibit A hereto (the “Cancelled Option”) that has relatively low incentive or retention value at this time so that additional shares can become available for grant in the future under the Company’s 2021 Omnibus Incentive Plan (the “Plan”), which the Company may use for future equity grants to Company personnel in order to recruit, retain and motivate such personnel; and
WHEREAS, the Company is relying on the Employee’s surrender and cancellation of the Cancelled Option in making administrative determinations regarding the Plan.
NOW THEREFORE, the parties hereby agree as follows:
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first set forth above.
LM FUNDING AMERICA, INC.
By:
Name:
Title:
Agreed and acknowledged as
of the date set forth below:
Name of Employee
Exhibit A
Description of Cancelled Option
Name | Grant Date | Number of Option Shares | Exercise Price |
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