Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 88

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 88
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 Development (“VPCSD”) with an effective date of February 15, 2025. Based on the delays in the estimated milestone
requirements for the development of the Company’s Data Center, it was determined that VPDCD role was not required. As of the VPDCD
Termination Date, the VPDCD non-qualified stock option agreement for 350,000 shares of the Company’s common stock was cancelled.
Of the options shares of 350,000, the CSDO had vested 43,750 options shares, which are exercisable until the third anniversary date
of the CSDO Termination Date.

On
January 15, 2025, the Company issued, to a consultant, a Non-Qualified Stock Option Agreement for the purchase of 350,000 shares of the
Company’s common stock for an exercise price of $1.99, which was the fair value of the Company’s common stock on the grant
date. The 350,000 options vest as follows:

●Become
                                            exercisable as to 43,750 Option Shares on January 16, 2026 and shall vest and become exercisable
                                            as to an additional 43,750 shares 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
                                            remaining 175,000 Option Shares based on the Employee or consultant completing the following
                                            milestones: 

○will
                                            vest as to 20% of such Option Shares (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; 

○will
                                            vest as to 20% of such Option Shares (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; 

○will
                                            vest as to 20% of such Option Shares (35,000 shares) upon the Company receiving from the
                                            County permits necessary to start construction at the Property of either an onsite power