TERRA TECH CORP. (OTCMKTS:TRTC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On December 11, 2018, the board of directors (the “Board”) of Terra Tech Corp. (the “Company”) acted by unanimous written consent to approve and adopt the Company’s 2018 Equity Incentive Plan (the “2018 Plan”). In addition, the Board approved the forms of stock option agreement to be used by participants under the 2018 Plan.
The number of shares of the Company’s common stock which may be issued from time to time to the 2018 Plan shall be the sum of: 6,600,000 shares, plus (ii) any shares of common stock that are represented by awards granted under the Company’s 2016 Equity Incentive Plan (the “2016 Plan”) that are forfeited, expire or are cancelled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the Company on or after December 11, 2018, or the equivalent of such number of shares after the administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with the terms of the 2018 Plan; provided, however, that no more than 2,000,000 shares shall be added to the 2018 Plan to subsection (ii). If the Company’s capital structure changes because of a reorganization, recapitalization, reclassification, stock dividend, stock split or similar event, the number of shares that can be issued under the 2018 Plan will be appropriately adjusted. The 2018 Plan permits the award of stock options (both incentive andnon-qualifiedoptions), shares of common stock, and other equity or equity-based awards.
On December 11, 2018, the Company issued non-qualified stock options to Executive Officers and Directors as follows: Derek Peterson, 1,500,000; Michael Nahass, 1,500,000; Michael James, 1,200,000; Alan Gladstone, 600,000; and Steven Ross, 300,000. The options have an exercise price of $1.00, which is the closing price of the common stock on the date of grant, expire ten years from the date of grant, and vest in twelve equal installments, with the first installment vesting on December 31, 2018 and the remaining installments vesting quarterly thereafter.
Item 1.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information disclosed in Item 1.01 is incorporated herein by reference.
Item 1.01 Financial Statements and Exhibits.
(d)Exhibits:
Terra Tech Corp. Exhibit
EX-10.1 2 trtc_ex101.htm FORM OF EQUITY INCENTIVE PLAN trtc_ex101.htmEXHIBIT 10.1 TERRA TECH CORP. 2018 EQUITY INCENTIVE PLAN 1. DEFINITIONS. Unless otherwise specified or unless the context otherwise requires,…
To view the full exhibit click here
About TERRA TECH CORP. (OTCMKTS:TRTC)
Terra Tech Corp. is a cannabis-focused agriculture company. The Company operates through two segments: Hydroponic Produce and Cannabis Products. The Company, through its subsidiary, GrowOp Technology Ltd., is engaged in the design, marketing and sale of hydroponic equipment. It is also a retail seller of locally grown hydroponic produce, herbs, and floral products through its subsidiary, Edible Garden Corp. (Edible Garden). It intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm, LLC (MediFarm), MediFarm I, LLC (MediFarm I) and MediFarm II, LLC (MediFarm II). Through its subsidiary, IVXX, Inc. (IVXX), it produces and sells a line of cannabis flowers and cigarettes, among others. The hydroponic produce segment consists of Edible Garden’s business and operations. Its cannabis products segment consists of IVXX’s business, as well as the proposed business operations of MediFarm, MediFarm I and MediFarm II.
