Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 15, 2022, the Board of Directors (the "Board") of Forza X1, Inc.
(the "Company") awarded (i) James Leffew, the Company's Chief Executive Officer
an option to purchase 100,000 shares of the Company's common stock (the "Common
Stock"); (ii) Joseph Visconti, the Company's Executive Chairman and Chief
Product Officer an option to purchase 100,000 shares of the Company's Common
Stock; and (iii) Nicole Camacho, the Company's Chief Financial Officer an option
to purchase 10,000 shares of Common Stock.
The stock options granted to Mr. Leffew, Mr. Visconti and Ms. Camacho have an
exercise price of $1.33 per share, which was the closing price of the Common
Stock on the date of the grant (December 15, 2022), vest pro rata, on a monthly
basis, over 36 consecutive months and expire ten (10) years from the date of the
grant, unless terminated earlier. The stock options were granted pursuant to the
Company's 2022 Stock Incentive Plan, and the Company's effective registration
statement on Form S-8 for the 2022 Stock Incentive Plan.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
104 Cover Page Interactive Data File (embedded within the XBRL document)
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