iPower Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On August 29, 2024, the board of directors (the “Board”) of iPower, Inc., a Nevada company (the “Company”), based on the recommendation of the compensation committee of the Board, approved a grant of 1,200,000 stock options (the “Stock Options”) issuable to Lawrence Tan, the Company’s Chief Executive Officer, pursuant to the terms of the iPower Inc. Amended and Restated 2020 Equity Incentive Plan (the “Plan”). Following the Board’s approval, Mr. Tan and the Company entered into a stock option award agreement (the "Stock Option Award Agreement").
According to the Stock Option Award Agreement, and subject to the terms and conditions of the Stock Option Award Agreement and the Plan, upon vesting of the Stock Options, Mr. Tan will have the option to purchase common stock, par value $0.001 per share of the Company, at an exercise price of $1.43 per share (which is 110% of the Fair Market Value of the stock on the grant date). The Stock Options have a term of five years and will vest as follows: 30,000 Stock Options vested on the grant date (August 29, 2024), and 32,500 Stock Options will vest on the first day of each month from September 1, 2024, to August 1, 2027.
The Stock Option Award Agreement also contains customary terms and conditions for the vesting of such Stock Options.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: September 4, 2024 | ||
| IPOWER, INC. | ||
| By: | /s/ Chenlong Tan | |
| Name: | Chenlong Tan | |
| Title: | Chief Executive Officer | |
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