Form 8-K for CANNAVEST CORP.
Change in Directors or Principal Officers
On December 8, 2014, the Board of Directors of Cannavest Corp. (the “Board”) took the following action relating to compensatory arrangements:
Stock Options – Approval of Grant. The disinterested members of the Board granted a stock option to Michael Mona, Jr., the Company’s President and Chief Executive Officer, under the Company’s Amended and Restated 2013 Equity Incentive Plan. The stock option grant is evidenced by the Company’s form of Stock Option Grant Notice, a form of which was filed as Exhibit 4.2 to the Company’s Form S-8 on October 6, 2014, except that vesting provisions have been modified as set forth below. The option (a) is to purchase 4,000,000 shares of the Company’s common stock, (b) is durational-based, with 67% vested as of the date of grant and with the remainder vesting in twelve equal monthly installments measured from January 31, 2015, (c) has an exercise price equal to the fair market value of the Company’s common stock at the time of grant, or $2.64, and (d) has a term of ten (10) years from the date of grant.
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