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Subsequent Events | 3 Months Ended
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Mar. 31, 2025
Subsequent Events |
Subsequent Events | Note 10 - Subsequent Events On April 13, 2025, the Company appointed Stephen Jones to the Company’s Board of Directors, effective April 14, 2025. Mr. Jones, age 63, is being appointed to the Board of Directors to fill the vacancy on the Board of Directors. From March 2015 through October 2020, Mr. Jones was President, Chief Executive Officer and a director of Covanta Holding Corporation (formerly NYSE: CVA, now owned by private equity) (“Covanta”), a leading global provider of sustainable waste and energy solutions. Prior to joining Covanta in January 2015, Mr. Jones was employed from 1992 through September 2014 by Air Products and Chemicals, Inc. (“Air Products”), a global supplier of industrial gases and equipment. Mr. Jones held a variety of senior-level management positions at Air Products including in the company’s tonnage gases, equipment, energy and industrial chemicals businesses, culminating with his role as Air Products’ China president based at the company’s office in Shanghai. Mr. Jones is a director of Tronox Holdings plc, an industrial and chemical company (NYSE: TROX), and chairman of the board of directors of Badger Infrastructure Solutions Ltd., a Canadian infrastructure solutions company specializing in nondestructive excavation services (TSE: BDGI). Mr. Jones also serves as a special advisor to the supervisory board of Hitachi Zosen Inova AG, a global cleantech company. Prior to joining Air Products in 1992, Mr. Jones practiced corporate law at Dechert LLP in Philadelphia, PA, primarily in the area of mergers and acquisitions. Pursuant to an employment agreement executed with our Chief Technology Officer on March 31, 2025, our board of directors approved the following equity compensation grant under our 2021 Plan on April 30, 2025: 1,515,152 restricted stock units and 1,515,152 stock options vesting as follows: (a) with respect to 757,576 restricted stock and 757,576 shares subject to stock options, 25% vest on the first anniversary of the CTO’s employment agreement, and the remaining 75% vest in equal increments on the last day of every month thereafter over the following 36 months, subject to the CTO’s continued employment with the Company on each vesting date: and (b) with respect to the remaining 757,576 restricted stock and 757,576 stock options, each vest in accordance with a performance based milestone set forth by the Company and defined in the CTO’s employment agreement. See Note 6 for further disclosures on the performance-related milestones. The stock options have an exercise price of $0.33 and a ten-year contractual term.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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