Document:

ex_272970.htm

Exhibit 10.8

 

Company Letterhead

 

[Date]

 

 

[Participant]

[Address]

 

 

Dear [Participant],

 

Pursuant to the terms and conditions of the HighPeak Energy, Inc. Amended and Restated Long Term Incentive Plan, as amended from time to time (the “Plan”), HighPeak Energy, Inc. (the “Company”) hereby grants you on July 13, 2021 (the “Date of Grant”) Dividend Equivalents (“DERs”) equal to the number of unexercised options to purchase common stock, $0.0001 par value per share, of the Company (“Stock”) held by you as of the Date of Grant (and set forth on Exhibit A) (the “Options” and, to the extent such Options are unexercised from time to time, the “Unexercised Options”). For purposes of clarity, the Company’s intention is that you will be deemed to hold the DERs granted hereunder on the forthcoming dividend record date of July 15, 2021. This award of DERs (this “DER Agreement”), except as provided herein, is subject to the same terms and conditions set forth in the Stock Option Agreement governing the Options and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Stock Option Agreement and the Plan.

 

Each DER shall remain outstanding from the Date of Grant until the earlier of the exercise or forfeiture of the Options to which the DER corresponds. In the event that the Company declares and pays a dividend in respect of its outstanding Stock on or after the Date of Grant and, on the record date for such dividend, you hold Unexercised Options with respect to which DERs have been granted pursuant to this DER Agreement, the Company shall pay to you an amount in cash equal to the cash dividends you would have received if you were the holder of record as of such record date, of the number of shares of Stock related to the portion of your Unexercised Options that have not been exercised or forfeited as of such record date, to be made on or promptly following the later of (i) the date such corresponding Unexercised Options become vested and non-forfeitable in accordance with the terms of such Options (but no later than 30 days following the date such Unexercised Options become vested and non-forfeitable), or (ii) the date that the Company pays such dividend (but no later than 30 days following the date on which the Company pays such dividend to its shareholders generally). The Company shall establish, with respect to each unvested and Unexercised Option, a separate DER bookkeeping account for such unvested and unexercised Option (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates with an amount equal to any distributions paid during the period that such Unexercised Option remains unexercised with respect to the Share underlying the Option to which such DER relates.

 

Upon the forfeiture of an Unexercised Option, the DER (and the DER Account) with respect to such forfeited Option shall be forfeited. Upon the exercise of an Unexercised Option the DERs associated with such Option will become null and void; provided, however, any DERs held as of the record date of such dividend with respect to Unexercised Options that became vested and exercised prior to the payment date of such dividend or any DERs previously credited to the DER Account associated with such Option will be paid in accordance with this DER Agreement.

 

 

 

 

 

 

 

By your signature below, you agree to be bound by the terms and conditions of the DER Agreement, the Stock Option Agreement and the Plan. You acknowledge that you have reviewed the DER Agreement, the Stock Option Agreement and the Plan in their entirety and fully understand all provisions of the DER Agreement, the Stock Option Agreement and the Plan. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations that arise under the DER Agreement, Stock Option Agreement and the Plan.

 

This DER Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the Company has caused this DER Agreement to be executed by an officer thereunto duly authorized, and the Participant has executed this DER Agreement, effective for all purposes as provided above.

 

 

 

	 	
			COMPANY

				 
	 	 	 
	 	
			HighPeak Energy, Inc.

				 
	 	 	 	 
	 	 	 	 
	 	
			By:

				 	 
	 	
			Name:

				 	 
	 	
			Title:

				 	 

 

 

 

	 	
			PARTICIPANT

				 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	
			Name:

				 	 

 

Signature Page to

Dividend Equivalent Agreement

 

 

 

 

 

 

 

Exhibit A

 

[Table of Unexercised Options]rkda-ex101_148.htm

 

Exhibit 10.1

 

 

May 17, 2021

 

Chris Cuvelier

 

 

Dear Chris:

 

This letter sets forth the terms of your employment as Chief Growth Officer of Arcadia Biosciences, Inc. (the “Company”), which will commence on May 17, 2021 (the “Effective Date”). The terms set forth below shall be effective as of the Effective Date. 

 

Reporting and Base Salary.  You will report to the President and Chief Executive Officer, Matthew Plavan. This is a full-time exempt position for which your annual base salary rate shall be $250,000.  You will work remotely from your home office in Half Moon Bay, CA, but you will be expected to travel to the Company’s corporate offices in Davis, CA, or the Company’s manufacturing location in Chatsworth, CA, from time to time as requested by the Company’s President and Chief Executive Officer. 

 

Sign-on Bonus.  In addition to your base salary, your offer also includes a sign-on bonus of $125,000; $31,250 payable with your first paycheck, and $31,250 payable on July 1, 2021, October 1, 2021, and January 1, 2022.  You must be employed with the company and in good standing on each payment date in order to receive your sign-on bonus payment for that date.

 

Bonus Compensation.  In addition to your base salary and sign-on bonus, you will be eligible for an annual incentive cash award, as determined by the Company. Your annual incentive cash bonus shall have a target equal to 40% of your base salary as of the Effective Date, prorated for the portion of year during which you are employed by the Company. The target bonus and its components, the Company performance objectives, and your individual objectives shall be determined each year by the Compensation Committee of the Board of Directors (the “Compensation Committee”).

 

Equity Awards. Concurrent with the commencement of your employment with the Company, and as an inducement to accept employment with the Company, you will be granted an option to purchase shares of common stock of the Company (“Company Common Stock”) as follows, under the terms and conditions of a Non-Qualified Stock Option Agreement (an “Option”):

 

		
	
Strike Price*
	
Number of Shares

	
FMV 
	
100,000

 

* FMV = the price of a share of RKDA common stock at close of market on the date of grant, which will be the Effective Date.

 

Your Option shall vest and become exercisable in accordance with the schedule below:

	
 
	
•
	
25% of the shares subject to the Option will be fully vested and exercisable effective as of the first anniversary of the Effective Date (the “Initial Vesting Date”), subject to your continued service through the Initial Vesting Date, and;

	
 
	
•
	
75% of the shares subject to the Option will vest and become exercisable in 36 equal monthly installments following the Initial Vesting Date, with the first such monthly vesting date taking place on May 31, 2022 and subsequent vesting dates on the last day of the next 35 months thereafter (with the last vesting date on April 30, 2025), subject to your continued service through the applicable vesting date.

202 Cousteau Place ● Suite 105 ● Davis, CA  95618 ● Tel: 530-756-7077● Fax: 530-756-7027 ● Web: www.arcadiabio.com

 

The Company may grant additional equity awards to you from time to time, which will be subject to the terms of the applicable equity compensation plan or arrangement in effect at the time of grant.  The Compensation Committee will determine in its discretion whether you will be granted any such equity awards and the terms and conditions of any such awards in accordance with the terms of any applicable equity plan.  You should be aware that you may incur federal and state income taxes as a result of your receipt, or the vesting of any equity compensation awards, and it shall be your responsibility to pay any such applicable taxes.

Other Benefits.   You are eligible for all Company benefits as described in the Employee Handbook and in various Company policies.  Your coverage for medical, dental and vision insurance will become effective on June 1, 2021. 

 

In accordance with the Federal Immigration Reform and Control Act of 1986, the Company is required to have an Employment Eligibility Verification Form I-9 on file for you.  On your first day of employment, we will ask you to provide identification needed to complete the form.  Arcadia uses E-Verify and will provide the Social Security Administration and, if necessary, the Department of Homeland Security information from your Form I-9 to confirm that you are authorized to work in the United States.

 

Your employment is “at-will,” which means that either you or the Company may terminate the employment relationship at any time for any reason or for no reason. This at-will relationship may not be modified by any oral or implied agreement.  

 

This letter and the Confidentiality and Invention Assignment Agreement, dated as of the Effective Date, between you and the Company, and any policies that the Company may adopt from time to time constitute the entire agreement relating to the terms of your employment with the Company you and is contingent upon successful completion of all pre-employment checks.  If all the above terms and conditions meet with your approval, please sign this letter and return it to me at your earliest convenience.    

 

If you should have any questions, please feel free to call me.

 

 

Sincerely,

 

 

	
	
   /s/ Matthew Plavan

	
Matthew Plavan

	
President & CEO

 

 

ACCEPTED AND ACKNOWLEDED BY:

 

 

 

	
	
   /s/ Chris Cuvelier

	
Chris Cuvelier

 

 

	
	
   5/17/2021

	
Date

 

202 Cousteau Place ● Suite 105 ● Davis, CA  95618 ● Tel: 530-756-7077● Fax: 530-756-7027 ● Web: www.arcadiabio.com

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