Pernix Group, Inc. 2013 Non-Employee Director Stock Option Grants under Long Term Incentive Plan
Pernix Group, Inc. granted stock options to its non-employee directors on February 8, 2013, as approved by its Compensation Committee. Each director received between 13,000 and 13,500 stock options, with the exercise price set at the fair market value on the grant date. The options vest equally over three years and expire either with the plan or 10 years from the grant date, whichever comes first. This agreement outlines the terms for these long-term incentive awards.
EXHIBIT 10.3
Long Term Incentive Plan Stock Option Grants
On February 8, 2013, 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, 2013.
· Exercise Price per Stock Option: Fair market value of a share of Pernix Group, Inc. common stock as of the grant date, to be determined by third party appraisal.
· Number of stock options:
|
|
| Stock Options |
|
| Ralph Beck, Chairman | - | 13,500 |
|
|
|
|
|
|
| Trudy Clark, Director | - | 13,000 |
|
|
|
|
|
|
| Max Engler, Director | - | 13,000 |
|
|
|
|
|
|
| Don Gunther, Director | - | 13,000 |
|
|
|
|
|
|
| Ibrahim Ibrahim, Director | - | 13,000 |
|
|
|
|
|
|
| Carl Smith, Director | - | 13,000 |
|
