Company: GEDC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023306
Chunk: 22

Company: CalEthos, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 22
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 affected employees to better align with the new business
plan, as follows:

Milestone
1 - Upon the execution by the Company of an agreement to lease or purchase land for (a) a geothermal well field, geothermal power plant
or geothermal cooling/heating plant, (b) another type of clean energy power plant, or (c) pre- permitted construction-ready building
sites for a data center or other facilities to be constructed pursuant to the Company’s data center infrastructure platform.

Milestone
2 - Upon the Company receiving all required approvals from local, county and state agencies to allow the Company to proceed with the
construction and development of an exploratory geothermal well, a geothermal power plant, a geothermal cooling/heating plant, or another
type of clean energy power plant or for the Company’s data center infrastructure platform.

Milestone
3 - Upon the execution by the Company (or by a partnership or joint venture to which the Company is a party) of an agreement pursuant
to which a third party (a) will purchase power or heating/cooling, either as an off-taker of power or heating/cooling, (b) will purchase
infrastructure under an Infrastructure-as-a- Service Agreement, (c) as a utility company, will purchase power or heating/cooling under
a power or heating/cooling purchase agreement, or (d) through a partnership or joint venture agreement to which the Company is a party,
will purchase power or heating/cooling the partnership or joint venture produces or for data center infrastructure that the partnership
or joint venture provides to such third party.

Milestone
4 - Upon completion by the Company of construction of (a) a geothermal power plant, a geothermal heating/cooling plant, or other type
of clean energy power plant, or (b) a data center infrastructure platform, and the receipt by the Company of all required operating permits
from local, county or state officials for the operation of such plant or platform.

Milestone
5 - Upon the operation by the Company, either directly or indirectly, of a power plant, heating/cooling plant or other type of clean
energy power plant, or an infrastructure platform, at an operating expense (OPEX) of 40% or less in any full fiscal year.

The
outstanding performance-based awards are as follows:

 SCHEDULE OF OUTSTANDING PERFORMANCE-BASED AWARDS ACTIVITY

    CEO  
    COO  
    VP-