Company: SUNE
Filing Date: 2025-11-12
Form Type: PRE 14A
Source: 0001140361-25-041549
Chunk: 73

Company: SUNation Energy, Inc.
Filing Date: 2025-11-12
Form: PRE 14A
Chunk 73
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 as of the date the Option is exercised equal to the purchase price of the Shares being purchased). (c) Exercisability and Expiration. Each Option Award shall be exercisable in whole or in part on the terms provided in the Award Agreement. No Option Award shall be exercisable at any time after its stated expiration. When an Option Award is no longer exercisable, it shall be deemed to have terminated. (d) Incentive Stock Options. (1) An Option Award will constitute an Incentive Stock Option Award only if the Participant receiving the Option Award is an Employee, and only to the extent that (i) it is so designated in the applicable Award Agreement and (ii) the aggregate Fair Market Value (determined as of the Option Award’s Grant Date) of the Shares with respect to which Incentive Stock Option Awards held by the Participant first become exercisable in any calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed $100,000 or such other amount specified by the Code. To the extent an Option Award granted to a Participant exceeds this limit, the Option Award shall be treated as a Non-Qualified Stock Option Award. Notwithstanding anything to the contrary in the Plan, the maximum aggregate number of Shares that may be issued upon the exercise of Incentive Stock Options granted under the Plan shall be equal to: (A) 1,000,067 Shares, plus (B) any additional Shares that become available for issuance under the Plan pursuant to the annual share increase set forth in Section 4(b), subject, in each case, to adjustment as provided in Section 12(a). However, in no event shall the aggregate number of Shares that may be issued pursuant to Incentive Stock Options exceed 25,000,000 Shares, unless such higher number is approved by the Company’s stockholders within the meaning of Section 422 of the Internal Revenue Code. For the avoidance of doubt, the number of Shares reserved for Incentive Stock Options may increase each year in connection with the Plan’s annual share reserve increase, but only to the extent that the Board does not act to reduce or eliminate such increase under Section 4(b). No Incentive Stock Option Awards may be granted more than ten years following the earlier to occur of (a) the date on which the Plan was adopted by the Board and (b) the Effective Date of the Plan. (2) No Participant may receive an Incentive Stock Option Award under