Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 97

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 97
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, they may not transfer, pledge, or encumber their PEDEVCO equity or act contrary to the agreement, except for transfers to controlled affiliates, estate planning vehicles, or bona fide gifts with transferee compliance. Support Agreements with Dr. Kukes and the SGK 2018 Revocable Trust also permit them to sell or transfer up to three million shares of PEDEVCO common stock without restriction. Restricted Stock Awards Contingent and effective upon the Closing, the Company granted (i) 2,000,000 shares of restricted PEDEVCO common stock under the Company’s 2021 Equity Incentive Plan, as amended (the “2021 Plan”) to Mr. J. Douglas Schick, a member of the Board and the President and Chief Executive Officer of the Company, (ii) 500,000 shares of restricted PEDEVCO common stock under the 2021 Plan to Mr. Clark R. Moore, the Company’s Executive Vice President, General Counsel and Secretary, (iii) 300,000 shares of restricted PEDEVCO common stock under the 2021 Plan to Mr. Jody Crook, the Chief Commercial Officer of the Company, and (iv) an aggregate of 200,000 shares of restricted PEDEVCO common stock under the 2021 Plan to two other PEDEVCO employees. Each of the restricted shares granted to Mr. Moore, Mr. Crook, and the two other employees, and 1,000,000 of the shares granted to Mr. Schick, vest (i) 1/3 on the one year anniversary of the grant date; (ii) 1/3 on the two year anniversary of the grant date; and (iii) 1/3 on three year anniversary of the grant date; in each case subject to the recipient being an employee of or consultant to the Company on such vesting date, and further subject to the terms and conditions of a Restricted Shares Grant Agreement entered into by and between the Company and each recipient. A total of 1,000,000 of the restricted shares issued to Mr. Schick vest if the 30-day average closing price of the PEDEVCO common stock equals or exceeds $0.90 (as adjusted for stock splits) within four years after the Closing (the “price trigger”), with the earliest possible vesting date being 30 days after the one year anniversary of the Closing, and subject to the following further vesting provisions: (a) if