Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 150

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 150
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) when
the necessary governmental permits are granted to start construction of the Company’s initial data center, 2) once the initial
data center is operational and at least 25% of the planned megawatts of collation capacity is leased. Also, at the discretion of the
Company, following each calendar year of continued employment, the Executive shall be eligible to receive a discretionary bonus of up
to fifty percent (50%) of Executive’s base salary during the first year of employment, up to seventy-five percent (75%) of Executive’s
then-current base salary during the second year of employment, and up to one-hundred percent (100%) of Executive’s then-current
base salary during Executive’s third year of employment. Payment of any bonus will be based on achieving certain goals and performance
criteria established by the Company. In addition, the Executive was granted options to purchase 600,000 and 1,900,000 shares of the Company’s
common stock.

    F-15

The
Employment Agreement also provides for certain severance benefits upon termination of the Executive by the Company without “cause”
or by the Executive for good reason. In the event of a termination by the Company without cause or by the Executive for good reason after
the first full year of employment, the Executive would be entitled to (i) continued payment of the base salary for the lesser of six
months or the remaining term of the Employment Agreement, subject to the Executive signing a timely and effective separation agreement
containing a release of all claims against the Company and other customary terms.

Vice
President of Data Center Development

On
March 1, 2024, the Company hired an individual as vice president of data center development with an annual salary of $225,000.
The salary increases to $240,000
and $250,000
on the first and second anniversary dates, respectively. Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.

Chief
Strategy and Development Officer

On
April 1, 2024, the Company hired an individual as chief strategy and development officer vice president with an annual salary of $250,000.
The salary increases to $275,000 and $300,000 on the first and second anniversary dates, respectively. Also, the individual is eligible
for an annual bonus of up to 25%, 35% and 40