Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1193

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 16
Chunk 1193
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, the Company did not issue restricted stock awards.

On August 11, 2023, the Compensation Committee
(the “Compensation Committee”) of the Company’s Board of Directors granted to Randell Weaver, the Company’s
newly appointed Chief Financial Officer, in connection with his employment agreement, an award of 6,000 restricted shares (the
“Restricted Shares”) of the Company’s common stock under the 2023 Stock Incentive Plan. These Restricted Shares
vested as follows: (i) 2,000 Restricted Shares shall vest upon the first anniversary of the commencement date;
(ii) 2,000 Restricted Shares shall vest upon the second anniversary of the commencement date; and
(iii) 2,000 Restricted Shares shall vest upon the third anniversary of the commencement date. The Company recognized
common stock compensation expense of $3,751 for the year ended September 30, 2023 related to these Restricted Shares.

On March 15, 2023, the Company granted
58,619 performance-based restricted shares to executive officers, employees and consultants as part of the 2013 Stock Incentive
Plan and the 2019 Stock Incentive Plan. 50% of the Performance-Based Restricted Shares would vest, if at all, in fiscal year
2023, based on the Company’s achievement of a specified amount of cash on hand, sales growth, increased gross margin, and
reduced operating losses in fiscal year 2023, and the other 50% of the Performance-Based Restricted Shares will vest, if at
all, in fiscal year 2024, based on performance metrics to be set by the Board in its sole and absolute discretion. The performance
goals for fiscal year 2023 were not achieved and the Company recognized common stock compensation expense of $Nil for the year ended
September 30, 2023, related to these Restricted Shares.

The
Company recognized common stock compensation expense of $176,775 and
$Nil 
in fiscal year ending September 30 2023 and September 30, 2024, respectively.

Grant of Restricted Stock Awards to the Company’s
Independent Board Members

During
the year ended September 30, 2024, no restricted stock awards were issued to any board members. 

Forfeiture of Restricted Shares

During the year ended September 30, 2024, 30,464
restricted shares were forfeited because of the termination of employment or performance goals not achieved.

Common Stock