Company: SQFTP
Filing Date: 2025-04-07
Form Type: PRE 14A
Source: 0001641172-25-003040
Chunk: 56

Company: Presidio Property Trust, Inc.
Filing Date: 2025-04-07
Form: PRE 14A
Chunk 56
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 at the original purchase price or, if no cash consideration was paid for such stock, forfeited for no consideration if the conditions or restrictions are not met, and the restricted stock may not be sold or otherwise transferred to third parties until restrictions are removed or expire. Recipients of restricted stock, unlike recipients of options, may have voting rights and may receive dividends, if any, prior to when the restrictions lapse.

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Administration. Our Board of Directors administers the 1999 Plan. Subject to the terms and conditions of the 1999 Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the type or types of awards to be granted to each person, determine the number of awards to grant, determine the number of shares to be subject to such awards, and the terms and conditions of such awards, and make all other determinations and decisions and to take all other actions necessary or advisable for the administration of the 1999 Plan. The plan administrator is also authorized to prescribe, amend and rescind rules relating to administration of the 1999 Plan, subject to certain restrictions.

Eligibility. Awards under the 1999 Plan were granted to individuals who were then our employees, consultants and members of our Board of Directors and our subsidiaries. Approximately 15 employees, two consultants and four non-employee directors were eligible to participate in the 1999 Plan when it was in use and one executive officer and two former employees own restricted shares that have not fully vested. No new securities have been issued or reserved for issuance under the 1999 Plan since 2017. The Company does not plan on issuing new securities under the 1999 Plan.

Corporate Transactions. In the event of a corporate transaction where the acquirer does not assume awards granted under the 1999 Plan, awards issued under the 1999 Plan will be subject to accelerated vesting such that 100% of the awards will become vested and exercisable or payable. Under the 1999 Plan, a corporate transaction is generally defined as any recapitalization, merger, consolidation or conversion involving our company or any exchange of securities involving the common stock, provided that a primary issuance of shares of common stock shall not be deemed to be a corporate transaction.

Amendment and Termination of the 1999 Plan. Our Board of Directors may terminate, amend or modify the 1999 Plan. No new securities have been issued or reserved for issuance under the 1999 Plan since 2017.

Securities Laws