Amendment to 2022 Equity Incentive Plan dated August 3, 2023

Contract Categories: Human Resources - Bonus & Incentive Agreements
EX-10.1 2 tm2322882d1_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

AMENDMENT TO THE MULLEN AUTOMOTIVE INC.
2022 EQUITY INCENTIVE PLAN

 

THIS AMENDMENT to the Mullen Automotive Inc. 2022 Equity Incentive Plan (this “Amendment”) is entered into as of August 3, 2023, by Mullen Automotive Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

A.The Company adopted the Mullen Automotive Inc. 2022 Equity Incentive Plan effective as of July 26, 2022 (the “Plan”).

 

B.Section 10 of the Plan provides that the Board may at any time amend the Plan.

 

C.On June 8, 2023, the Board of Directors of the Company approved an amendment to the Plan increasing the maximum number of shares of the Company’s common stock issuable under the Plan by an additional 52,000,000 shares.

 

D.Pursuant to the authority contained in Section 10 of the Plan, the Company now desires to amend the Plan as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth in the Plan, the Company agrees as follows:

 

1.Section 4.1 of the Plan is deleted in its entirety and the following is substituted in lieu thereof:

 

“As provided in Section 4.3, the total number of Shares available for grant under the Plan shall be Fifty Nine Million (59,000,000) shares, not subject to adjustment for any decrease or increase in the number shares of common stock resulting from a stock spilt, reverse stock split, recapitalization, combination, reclassification, the payment of a stock dividend on the Common Stock or any other decrease in the number of such shares of Common Stock effected without receipt of consideration by the Company. Shares granted under the Plan may be authorized but unissued Shares or reacquired Shares bought on the market or otherwise.”

 

2.Except to the extent expressly amended or modified in this Amendment, the Plan shall remain in full force and effect as originally executed.

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the day and year first above written.

 

    MULLEN AUTOMOTIVE INC.
     
  By: /s/ David Michery
    David Michery
    Chief Executive Officer