Company: GEDC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010244
Chunk: 37

Company: CalEthos, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 8
Chunk 37
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 to 43,750
    shares of common stock on January 16, 2026 and shall vest and become exercisable as to an additional 43,750
    shares of common stock on each of January 16, 2027, January 16, 2028, and January 16, 2029 provided that the optionee is a
    consultant, an employee or a Board member in good standing with the Company on such applicable vesting date. 

    ●
    The option vests as to the
    remaining 175,000
    shares of common stock based on the employee or consultant completing the following milestones: 

    ○
    The
    option will vest as to 20% of such shares of common stock (35,000 shares) upon completion, with respect to the Company’s
    optioned real property in Imperial County, CA (the “Property”), of a general plan amendment, zone change, and approved
    use for data center and/or onsite power production use; 

    ○
    The
    option will vest as to 20% of such shares of common stock (35,000 shares) upon the completion of a development agreement with
    Imperial County, CA (the “County”) or similar land use and entitlement to memorialize the approval of a data center use
    for the Property; 

    11

    ○
    The
    option will vest as to 20% of such shares of common stock (35,000 shares) upon the Company receiving from the County permits
    necessary to start construction at the Property of either an onsite power production of a 50MW generation system or a 60MW critical
    load data center facility (including but not limited to power substations, on-site roads, water, power, fiber communications,
    buildings, perimeter walls, and security systems); 

    ○
    The
    option will vest as to 20% of such shares of common stock (35,000 shares) upon the completion of binding agreements for an external
    or onsite portfolio of power sources for a minimum of 500MW of power to support the data center load at the Property; and 

    ○
    The
    option will vest as to 20% of such shares of common stock (35,000 shares) upon the completion of the sale or lease of all or a
    portion of the Property for “powered dirt”, a “powered shell” or a built