Company: SUNE
Filing Date: 2025-04-30
Form Type: 10-K/A
Source: 0001213900-25-037633
Chunk: 14

Company: SUNation Energy, Inc.
Filing Date: 2025-04-30
Form: 10-K/A
Chunk 14
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 adjusted for the April 2025 Reverse Stock Split. |

| (2) | RSUs vest in thirds                                                    
 on each of November 15, 2023, November 15, 2024 and November 15, 2025. |

| (3) | RSUs vested in full 
 on March 20, 2025   |

| (4) | RSUs vest in thirds                                     
 on each of May 15, 2024, May 15, 2025, and May 15, 2026 |

9 EMPLOYMENT, TERMINATION AND CHANGE IN CONTROL ARRANGEMENTS Employment Agreements On December 5, 2022, the Company entered into an Employment Agreement with each of Mr. Udseth and Mr. Ingvaldson. Mr. Udseth’s Employment Agreementprovides for, among other things, an annual base salary of $300,000. Mr. Udseth’s Employment Agreement also provided for his participation in the Company’s employee bonus program with a potential bonus opportunity of up to 50% of his base salary, and Mr. Udseth’s participation in the Company’s employee benefit plans and programs. Mr.Ingvaldson’s Employment Agreementprovided for, among other things, an annual base salary of $250,000, Mr. Ingvaldson’s participation in the Company’s employee bonus program with a potential bonus opportunity of up to 40% of his base salary, and Mr. Ingvaldson’s participation in the Company’s employee benefit plans and programs. Each of Mr. Udseth’s and Mr. Ingvaldson’s employment with the Company was on an at-will basis and continued until terminated by the Company, or resignation by the executive for any reason. Each of the Employment Agreements provided that upon termination of the executive’s employment, he is entitled to receive any base salary owed through his termination date and reimbursement of reasonable expenses incurred as of his termination date. If the executive’s employment is terminated by the Company for any reason other than Cause (as defined in the Employment Agreements) or disability, or by the executive for Good Reason (as defined in the Employment Agreements), in each case prior to a Change in Control (as defined in the change in control agreements referenced below), the executive would also be entitled to receive an amount equal to 50% of his annual base salary at that time, payable in equal installments over a six-month period. Each Employment Agreement contained customary confidentiality provisions.