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19. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

19.          SUBSEQUENT EVENTS

 

On January 26, 2021, 2,000 stock options were exercised on a cashless basis issuing 977 shares of common stock and on February 4, 2021, 300 stock options were exercised on a cashless basis issuing 86 shares of common stock.

 

Between January 1, 2021 through March 24, 2021, 375,999 public warrants were exercised at $6.30 per share and 8,156 private warrants were exercised at $8.89 per share to purchase a total of 384,155 shares of the Company’s common stock generating proceeds of $2,441,301.

 

On February 9, 2021, Beam Global entered into an Amended and Restated Employment Agreement with Desmond Wheatley, the Company’s president and chief executive officer. The agreement extends the prior agreement to December 31, 2024 and is on substantially the same terms and conditions. Pursuant to the Agreement, on April 1, 2021, the Company will grant Mr. Wheatley a number of shares of restricted stock equal to $112,500 based on the closing price of the Company’s common stock on such date. Fifty percent of the shares of restricted stock will vest in three (3) equal quarterly installments at the end of each calendar quarter following the grant date. The remaining fifty percent of the restricted stock will vest in eleven (11) equal amounts at the end of each calendar quarter following the grant date. In addition, commencing on January 1, 2022, the Company will grant Mr. Wheatley a number of shares of restricted stock equal to $150,000 based on the closing price of the Company’s common stock on such date. Fifty percent of the shares of restricted stock will vest in four (4) equal quarterly installments at the end of each calendar quarter following the grant date. The remaining fifty percent of the restricted stock will vest in twelve (12) equal amounts at the end of each calendar quarter following the grant date.