Document:

amtx_ex101

 

EXHIBIT 10.1

 

FORM OF WARRANT TO PURCHASE COMMON STOCK OF AEMETIS,
INC.

 

THIS WARRANT AND THE SHARES PURCHASABLE HEREUNDER HAVE BEEN
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE
SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION
THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

 

THIS WARRANT AND THE SHARES PURCHASABLE HEREUNDER ARE SUBJECT TO
RESTRICTIONS ON TRANSFER SET FORTH HEREIN.

 

Dated:
December 10, 2015

 

WARRANT TO PURCHASE

 

COMMON STOCK OF

 

AEMETIS, INC.

 

This
Warrant to purchase common stock (“Warrant”) certifies that [HOLDER]
(the “Holder”),
for value received, is entitled to purchase, at a per share price
of $2.59 (the “Stock Purchase
Price”), a total of __________ shares1 (the
“Warrant
Shares”) of the Common Stock, par value $0.001 per
share (the “Common
Stock”), of Aemetis, Inc., a Nevada corporation (the
“Company”).

 

1. Exercise. Only following the
ratification and approval of this Warrant by the stockholders of
the Company (the “Stockholder
Approval”) and subject to the terms and conditions
hereof [, including, without limitation, the vesting provisions set
forth in Section 5
below], this Warrant may be exercised by the Holder on any day on
or after the date hereof (the “Issuance Date”) in whole or in
part (except as provided under Section 11 below), by
(i) delivery of a written notice, in the form attached hereto
as Exhibit A
(the “Subscription
Notice”), of the Holder’s election to exercise
this Warrant, (ii) delivery of this Warrant, and
(iii) payment to the Company of an amount equal to the Stock
Purchase Price multiplied by the number of Warrant Shares as to
which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash
or wire transfer of immediately available funds. Execution and
delivery by the Holder of an Exercise Notice with respect to less
than all of the Warrant Shares shall be deemed to be a request by
such Holder to cancel the original Warrant and issue a new Warrant
evidencing the right to purchase the remaining number of Warrant
Shares, which request shall be satisfied by the Company pursuant to
Section 8(c)
below. Promptly following the date on which the Company has
received each of the Subscription Notice, the Warrant and the
Aggregate Exercise Price (the “Exercise Delivery
Documents”), the Company shall issue a certificate for
the number of shares of Common Stock to which the Holder is
entitled pursuant to such exercise. Upon delivery of the Exercise
Delivery Documents, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective
of the date of delivery of the certificates evidencing such Warrant
Shares. No fractional shares of Common Stock are to be issued upon
the exercise of this Warrant, but rather the number of shares of
Common Stock to be issued shall be rounded up to the nearest whole
number. The Company shall pay any and all stamp or similar issue or
transfer taxes which may be payable with respect to the issuance
and delivery of Warrant Shares upon exercise of this Warrant;
provided, that the
Holder shall be required to pay any such tax that may be payable in
respect of any issue or delivery of shares of Common Stock in any
name other than that of the Holder. Subject to Section 11, this Warrant shall
expire ten (10) years after the Issuance Date or, if such date
falls on a Saturday, Sunday, or U.S. federal holiday, the next such
business day.

 

 
1 To be
completed.

 

1

 

 

2. Shares to be Fully Paid; Reservation
of Shares. The Company covenants and agrees that all shares
of Common Stock which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable and free
of all taxes, liens and charges with respect to the issue thereof.
The Company further covenants and agrees that during the period
within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized and
reserved, for the purpose of issue or transfer upon exercise of the
subscription rights evidenced by this Warrant, a sufficient number
of shares of authorized but unissued shares of Common Stock when
and as required to provide for the exercise of the rights
represented by this Warrant.

 

3. Adjustment of Stock Purchase Price and
Number of Shares. The Stock Purchase Price and the number of
shares purchasable upon the exercise of this Warrant shall be
subject to adjustment from time to time upon the occurrence of
certain events described in this Section 3. Upon each
adjustment of the Stock Purchase Price, the Holder of this Warrant
shall thereafter be entitled to purchase, at the Stock Purchase
Price resulting from such adjustment, the number of shares obtained
by multiplying the Stock Purchase Price in effect immediately prior
to such adjustment by the number of shares purchasable pursuant
hereto immediately prior to such adjustment, and dividing the
product thereof by the Stock Purchase Price resulting from such
adjustment.

 

3.1           Subdivisions,
Combinations and Dividends. In case the Company shall at any
time subdivide its outstanding shares of Common Stock into a
greater number of shares or pay a dividend in Common Stock in
respect of outstanding shares of Common Stock, the Stock Purchase
Price in effect immediately prior to such subdivision or at the
record date of such dividend shall be proportionately reduced, and
conversely, in case the outstanding shares of the Common Stock of
the Company shall be combined into a smaller number of shares, the
Stock Purchase Price in effect immediately prior to such
combination shall be proportionately increased.

 

3.2           Reclassification.
If any reclassification of the capital stock of the Company shall
be effected in such a way that holders of Common Stock shall be
entitled to receive stock, securities, or other assets or property,
then, as a condition of such reclassification, lawful and adequate
provisions shall be made whereby the Holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of
the Common Stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented hereby) such shares of
stock, securities or other assets or property as may be issued or
payable with respect to or in exchange for a number of outstanding
shares of such Common Stock equal to the number of shares of such
Common Stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented hereby. In any
reclassification described above, appropriate provision shall be
made with respect to the rights and interests of the Holder of this
Warrant to the end that the provisions hereof (including, without
limitation, provisions for adjustments of the Stock Purchase Price
and of the number of shares purchasable and receivable upon the
exercise of this Warrant) shall thereafter be applicable, as nearly
as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof.

 

3.3           Notice
of Adjustment. Upon any adjustment of the Stock Purchase
Price or any increase or decrease in the number of shares
purchasable upon the exercise of this Warrant, the Company shall
give written notice thereof, by first class mail postage prepaid,
addressed to the registered Holder of this Warrant at the address
of such Holder as shown on the books of the Company. The notice
shall state the Stock Purchase Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based.

 

4. Liquidity Events.

 

(a)            

Liquidity Event Notice. The
Company covenants and agrees to give the Holder ten (10)
days’ prior written notice of the contemplated consummation
of (A) any consolidation or merger of the Company with or into any
other corporation or other entity or person, or any other corporate
reorganization, other than any such consolidation, merger or
reorganization in which the stockholders of the Company in the
aggregate immediately prior to such consolidation, merger or
reorganization, continue to hold at least a majority of the voting
power of the surviving entity (or, if the surviving entity is a
wholly owned subsidiary, its parent) immediately after such
consolidation, merger or reorganization, (B) the sale, transfer,
lease or license of all or substantially all of the Company’s
assets or intellectual property, or (C) any other transaction which
results in the stockholders of the Company owning less than a
majority of the equity or voting power of the surviving entity, but
not including, (x) in the case of (C) above, any transaction or
series of transactions principally for bona fide equity financing
purposes in which cash is received by the Company or indebtedness
of the Company is cancelled or converted (or a combination thereof)
or (y) in the case of (A) and (C) above, a reincorporation
transaction effected to change the domicile of the Company (each
such event, a “Liquidity
Event,” and such notice, the “Liquidity Event Notice”). Any
Liquidity Event Notice shall specify the contemplated date of the
consummation of the Liquidity Event.

 

 

2

 

 

(b)            

Future Obligations. Upon any
Liquidity Event, the successor corporation (or corporation
controlling the successor corporation or the Company, as the case
may be) shall by operation of law assume the Company's obligations
under this Warrant. Upon consummation of such transaction, the
Warrants shall automatically become exercisable (subject to the
terms hereof) for the kind and amount of securities, cash or other
assets which the holder of a Warrant would have owned immediately
after the Liquidity Event, if the holder had exercised the Warrant
immediately before the effective date of such transaction. As a
condition to the consummation of such transaction, the Company
shall arrange for the person or entity obligated to issue
securities or deliver cash or other assets upon exercise of the
Warrant to, concurrently with the consummation of such transaction,
assume the Company's obligations hereunder by executing an
instrument so providing and further providing for adjustments which
shall be as nearly equivalent as may be practical to the
adjustments provided for in Section 3. [If upon or within
two (2) years following a Change of Control Holder’s
employment with the Company is Constructively Terminated or
involuntarily terminated by the Company other than for Cause,
Holder’s death, or Holder’s Total Disability, then,
subject to Holder executing and not revoking a standard form of
mutual release of claims with the Company, this Warrant shall
immediately vest as to 100% of the shares subject hereto, subject
to the Stockholder Approval having been obtained (all capitalized
terms used in this sentence that are not defined in this Warrant
shall have the meaning assigned in Holder’s Executive
Employment Agreement)].

 

5. [Vesting. The Warrant Shares
subject to this Warrant shall vest over a three year period, with
8.33% of such Warrant Shares vesting three (3) months from the date
hereof, and an additional 8.33% of such Warrant Shares vesting
every three (3) months from the date thereof until all Warrant
Shares have vested, provided the Holder continues to provide
service to the Company during such period. Vested Warrant Shares
may be exercised at any time following but only after Shareholder
Approval of this Warrant.]

 

6. No Voting or Dividend Rights.
Nothing contained in this Warrant shall be construed as conferring
upon the Holder hereof the right to vote or to consent to receive
notice as a stockholder of the Company or any other matters or any
rights whatsoever as a stockholder of the Company. No dividends or
interest shall be payable or accrued in respect of this Warrant or
the interest represented hereby or the shares purchasable hereunder
until, and only to the extent that, this Warrant shall have been
exercised.

 

7. Representations and Warranties of the
Holder. As of the date hereof, the Holder hereby represents,
warrants and covenants to the Company as follows:

 

(a) Purchase Entirely for Own
Account. The Warrant Shares will be acquired for investment
for the Holder’s own account, not as a nominee or agent, and
not with a view to the resale or distribution of any part thereof,
and the Holder has no present intention of selling, granting any
participation in, or otherwise distributing the same. The Holder
does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such
person or to any third person, with respect to any of the Warrant
Shares.

 

(b) Receipt of Information. The
Holder has received all the information the Holder considers
necessary or appropriate for deciding whether to purchase the
Warrant Shares. The Holder further represents that the Holder has
had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the offering of the
Warrant Shares and the business, properties, prospects, and
financial condition of the Company and to obtain additional
information (to the extent the Company possessed such information
or could acquire it without unreasonable effort or expense)
necessary to verify the accuracy of any information furnished to
the Holder or to which the Holder had access.

 

(c) Investment Experience. The
Holder is experienced in evaluating and investing in private
placement transactions of securities of companies in a similar
stage of development and acknowledges that the Holder is able to
fend for himself, can bear the economic risk of the Holder’s
investment, and has such knowledge and experience in financial and
business matters that the Holder is capable of evaluating the
merits and risks of the investment in the Warrant
Shares.

 

(d) Accredited Investor. The Holder
is an “accredited investor,” as that term is defined in
Rule 501 of Regulation D as promulgated under the Securities Act of
1933, as amended (the “Securities Act”).

 

(e) Restricted Securities. The
Holder understands that the Warrant Shares may not be sold,
transferred, or otherwise disposed of without registration under
the Securities Act or an exemption therefrom, and that in the
absence of an effective registration statement covering the Warrant
Shares or an available exemption from registration under the
Securities Act, the Warrant Shares must be held indefinitely. In
particular, the Holder is aware that the Warrant Shares may not be
sold pursuant to Rule 144 promulgated under the Securities Act
unless all of the conditions of that Rule are met. Among the
conditions for use of Rule 144 may be the availability of current
information to the public about the Company. Such information is
not now available and the Company has no present plans to make such
information available.

 

 

3

 

 

(f) Legends. It is understood that
each certificate representing the Warrant Shares and any securities
issued in respect thereof or exchange therefor shall bear a legend
in the following form (in addition to any legend required under
applicable state securities laws):

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER STATE
SECURITIES LAWS. THESE SECURITIES MAY NOT BE RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED UNLESS REGISTERED OR EXEMPT FROM REGISTRATION
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS.”

 

8. Reissuance of
Warrants.

 

(a)              Restrictions
on Transfer. The Holder may not
sell, exchange, assign, pledge, hypothecate, gift or otherwise
transfer, dispose of or make or permit any indirect transfer of
this Warrant, except for a transfer by the Holder to such
Holder’s spouse, children, grandchildren, siblings, parents
or to trustees or custodians for their or the Holder’s
benefit or to an entity wholly owned by the Holder (alone, or
together with any of the foregoing persons) (provided, that if such
entity ceases to be wholly owned by the Holder, alone, or together
with any of the foregoing persons, this Warrant must be transferred
back to the Holder). Any transferee permitted under this
Section 8 shall be
required to make the representations and warranties set forth in
Section 7
hereto.

 

(b)            

Lost Warrants. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of this Warrant and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity
reasonably satisfactory to the Company, or in the case of any such
mutilation upon surrender and cancellation of such Warrant, the
Company, at its expense, will make and deliver a new Warrant, of
like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant.

 

(c)            

Issuance of New Warrants.
Whenever the Company
is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall
represent, as indicated on the face of such new Warrant, the right
to purchase the Warrant Shares then underlying this Warrant (or in
the case of a new Warrant being issued pursuant to
Section 1(a),
the Warrant Shares designated by the Holder which, when added to
the number of shares of Common Stock underlying the other new
Warrants issued in connection with such issuance, does not exceed
the number of Warrant Shares then underlying this Warrant),
(iii) shall have an issuance date, as indicated on the face of
such new Warrant which is the same as the Issuance Date, and
(iv) shall have the same rights and conditions as this
Warrant.

 

9. Net Exercise. In lieu of
exercising this Warrant for cash, the Holder may elect to exchange
this Warrant for Warrant Shares equal to the value of this Warrant
by surrender of this Warrant, together with notice of such
election, at the principal office of the Company, in which event
the Company shall issue to the holder a number of Warrant Shares
computed using the following formula:

 

 

X =
Y
(A-B)

A

Where
:

 

X=

the
number of Warrant Shares to be issued to the Holder.

Y=

the
number of Warrant Shares purchasable under this
Warrant.

A=

value per share of
one Warrant Share, which shall be the most recent closing price of
the Common Stock on NASDAQ, or if the Common Stock is not then
traded on NASDAQ, the closing price as quoted on the OTC Markets or
the equivalent thereof, or if no such public quotation of the
Common Stock is available, the fair market value of one share of
Common Stock as determined by the Company’s Board of
Directors.

B=

the
Stock Purchase Price (as adjusted).

 

 

4

 

 

10. Modification and Waiver. Any
term of this Warrant may be amended and the observance of any term
of this Warrant may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the
written consent of the Company and the Holder.

 

11. Termination. This Warrant will
terminate if Stockholder Approval has not been obtained by December
9, 2016.

 

12. Notices. Except as may be
otherwise provided herein, all notices, requests, waivers and other
communications made pursuant to this Warrant shall be in writing
(including by facsimile) and mailed (by certified or registered
mail), sent or delivered (i) if to the Holder, to
____________________, and (ii) if to the Company, to Aemetis, Inc.,
20400 Stevens Creek Blvd., Suite 700, Cupertino, CA 95014,
Attention: Chief Executive Officer, with a copy (which shall not
constitute notice) to Shearman & Sterling LLP, 1460 El Camino
Real, Menlo Park, CA 94025, Attention: Christopher M. Forrester, or
at or to such other address as such party shall have designated in
a written notice to the other party. All such notices and
communications shall be effective (i) if delivered by hand, sent by
certified or registered mail or sent by an overnight courier
service, when received; and (ii) if sent by facsimile transmission,
when sent.

 

13. Governing Law. This Warrant is
to be construed in accordance with and governed by the laws of the
State of California.

 

14. Submission to Jurisdiction.
Any claim, action, suit or proceeding
seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions
contemplated hereby may be heard and determined in any California
state or federal court sitting, and each of the parties hereto
hereby consents to the exclusive jurisdiction of such courts (and
of the appropriate appellate courts therefrom in any such claim,
action, suit or proceeding) and irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter
have to the laying of venue of any such claim, action, suit or
proceeding in any such court or that any such claim, action, suit
or proceeding that is brought in any such court has been brought in
an inconvenient forum.

 

 *   
*    *

 

 

5

 

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its officers, thereunto duly authorized as of the date
first above written.

 

AEMETIS,
INC.

By:

Name:
Eric A. McAfee

Title:
Chief Executive Officer

 

 

Agreed
to and Accepted:

 

[NAME
OF HOLDER]

 

By:           

Name:

Title:

 

 

6

 

 

Exhibit A

 

FORM OF SUBSCRIPTION

 

(To be
signed only upon exercise of Warrant)

 

To:__________________________

 

 

The
undersigned, the holder of a right to purchase shares of Common
Stock of Aemetis, Inc., a Nevada corporation (the
“Company”),
pursuant to that certain Warrant to Purchase Common Stock of the
Company (the
“Warrant”),
dated as of _______________, 2015, hereby irrevocably elects to
exercise the purchase right represented by such Warrant for, and to
purchase thereunder, __________________________ (_________) shares
of Common Stock of the Company and herewith makes payment of
_________________________________ Dollars ($__________) therefor in
cash.

 

The
undersigned represents that it is acquiring such securities for its
own account for investment and not with a view to or for sale in
connection with any distribution thereof and in order to induce the
issuance of such securities makes to the Company, as of the date
hereof, the representations and warranties set forth in
Section 7 of
the Warrant.

 

DATED:
________________

[NAME
OF HOLDER]

 

 

 

By:                                                                            

 

Name:                                                                            

 

Its:

 

 

 

7opbk-ex101_8.htm

Exhibit 10.1

 

 

September 18, 2020

 

Sang Kyo Oh

2745 Maricopa St. Torrance, CA 90503

 

Dear Sang Oh,

 

On behalf of Open Bank, I am pleased to offer you the position of Executive Vice President & Chief Credit Officer, reporting to the President & Chief Executive Officer.  This position is an important one to our organization and we look forward to you contributing your experience and expertise.

 

1.   Start        date.  October 19, 2020 at 9AM in the corporate office, suite 500.

2.    Base Salary.  Your annualized gross base salary will be $250,000. We are paid semi- monthly on the 5th and 20th of the month.

3.   Restricted Stock Units.  You will be granted with 45,000 RSU with a 5-year graded vesting schedule from the grant date, contingent on Board Approval (TBD) and upon creation of a new equity plan in 2021.

4.   Cell Phone Allowance.  You will receive a cell phone allowance of $200 per month, paid semi-monthly.

5.    Paid Time Off (“PTO”).  You will receive 5 weeks of paid time off (vacation and sick leave) per year, prorated per pay period.

6.   Benefits.  You will be eligible for health benefits of medical, dental, vision and life/LTD insurance on the first day of the month following your hire date and the 401(k) Plan on the first day of the month following 90 days of employment.

7.   Management Incentive Plan.  You will be eligible to participate in the Management Incentive Plan (MIP) starting Plan Year 2021, which is a cash incentive program tied to performance of the individual and the Bank.

 

During your employment you will have access to confidential and proprietary information, which we consider private and protect adamantly.  We also resolve any dispute between you and us by arbitration.  Therefore, this offer is conditioned on your execution and delivery of a Dispute Resolution Agreement.  Your employment is also contingent upon the successful completion of the background and reference checks, as well as being able to establish your identity and authorization to work in the United States on your first day of work.  The first 90 days of your employment will be considered an introductory period.  However, both during, and upon the conclusion of your introductory period, employment with Open Bank is at-will.  This means that the terms and conditions of your employment may be changed with or without notice, with or without cause, including, but not limited to termination, demotion, promotion, transfer, benefits, duties and location of work.  There is no express or implied agreement between Open Bank and yourself for continued or long-term employment.  No representative of Open Bank has the authority to alter this at-will relationship.

 

 

I am delighted to extend this offer to you and look forward to working together.  Please indicate your acceptance of this offer by signing the offer letter, and dispute resolution agreement, as well as, returning the employment application.  The terms of this offer supersede any prior representation or terms, whether expressed orally or in writing.  If you have any questions regarding benefits, please contact Kristy Kang at 213.892.1136.

 

Sincerely,

 

 

 

 

 

Min J. Kim

President & Chief Executive Officer

 

 

 

Acceptance:

 

 

					
	
/s/ Sang K. Oh
	
9/24/2020
	
 
	
10/19/2020

	
Sang K. Oh
	
 
	
Date
	
 
	
Start Date

 

Attachments: I-9 requirements, Application, Dispute Resolution Agreement

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