Company: APT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013635
Chunk: 31

Company: ALPHA PRO TECH LTD
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 31
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 Company, to be paid in a lump sum payment as set forth in the Hoffman Employment Agreement. Mr. Hoffman will be subject to certain non-competition and non-solicitation restrictions for a period of two (2) years following the termination of his employment with the Company, and Mr. Hoffman must execute a general release acceptable to the Company prior to receiving any termination or Change of Control payments provided for in the Hoffman Employment Agreement.

2004 Stock Option Plan

Prior to 2020, all grants of stock options made to our Named Executive Officers were granted pursuant to the Option Plan, which was administered by the Board. The Board had authority to grant stock options to key employees and non-employee directors, and each grant was evidenced by a written award agreement specifying the terms and conditions of the grant. The Option Plan prohibited granting stock options with an exercise price that was less than the fair market value of the common stock on the grant date.

Participants must deliver written notice of exercise to the Company, and the Board may accept the following as payment for the exercise price: (a) cash, (b) net proceeds from a cashless exercise, (c) delivery of previously acquired shares of common stock that have an aggregate fair market value on the date of exercise equal to the exercise price or (d) certifying to ownership by attestation of such previously acquired shares. Subject to any provision in an award agreement to the contrary, upon a change in control of the Company, all outstanding options will become fully exercisable and all restrictions will terminate or lapse. The 2020 Incentive Plan succeeded the Option Plan, and although no new awards will be granted under the Option Plan, all previously granted awards under the Option Plan will continue to be governed by the terms of the Option Plan.

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2020 Omnibus Incentive Plan

The 2020 Incentive Plan provides for the grant of incentive and nonqualified stock options, stock appreciation rights, awards of restricted stock and restricted stock units, performance share awards, cash awards and other equity-based awards to employees, including officers, consultants and non-employee directors of the Company and our affiliates. A total of 1,800,000 shares of the Company’s common stock are reserved for issuance under the 2020 Incentive Plan, plus the number of shares underlying any award granted under the Option Plan that expires, terminates or is cancelled or forfeited under the terms of the Option Plan; provided that no more than 1,800,000 shares