Pernix Group, Inc. Non-Qualified Stock Option Grants to Directors under Equity Incentive Plan
Pernix Group, Inc. granted non-qualified stock options to its non-employee directors as approved by the Compensation Committee on February 8, 2014. The options vest equally over three years and expire either with the plan or 10 years from the grant date, whichever is sooner. The exercise price will be set at fair market value. The number of options granted varies by director, with awards ranging from 13,000 to 26,000 options per individual.
EXHIBIT 10.3
Equity Incentive Plan Non-Qualified Stock Option Grants to Directors
On February 8, 2014, as approved by the Compensation Committee of the Pernix Group, Inc. Board of Directors, stock option grants were awarded in the amount and upon the terms and conditions set forth below.
General Terms of Grant:
· Form of grant: Stock option awards for non-employee Directors of Pernix Group, Inc.
· Term and vesting of stock options: The stock option grants vest equally over a 3 year period and are coterminous with the expiration date of the plan or 10 years from the date of the grant, whichever occurs sooner.
· Grant date: February 8, 2014.
· Exercise Price for Stock Options: To be determined based on fair market value.
· Number of stock options:
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| Stock Option |
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| Don Gunther, Chairman |
| - |
| 25,000 |
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| C. Robert Campbell, Director |
| - |
| 26,000 |
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| Trudy Clark, Director |
| - |
| 13,000 |
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| Max Engler, Director |
| - |
| 13,000 |
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| Ibrahim Ibrahim, Director |
| - |
| 13,000 |
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| Carl Smith, Director |
| - |
| 13,000 |
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