8K just out;
Stock Option Agreements
On September 13, 2022, Progressive Care Inc. (the “Company”) agreed to issue options to Charles Fernandez as previously reported on Form 8-K filed on September 16, 2022. On October 7, 2022, the Company and Mr. Fernandez entered into a stock option agreement (the “Fernandez Option Agreement”), pursuant to which Mr. Fernandez was granted the right to purchase additional shares in accordance with the following vesting percentages: 2% of the Company’s issued stock, which will vest immediately, 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $50 million for five consecutive trading days, 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $100 million for five consecutive trading days, and 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $200 million for five consecutive trading days, as detailed in his employment stock option agreement. The foregoing description is qualified in its entirety by the Fernandez Option Agreement attached as Exhibit 10.1 to this Current Report on Form 8-K.
On September 13, 2022, the Company agreed to issue options to Rodney Barreto as previously reported on Form 8-K filed on September 16, 2022. On October 7, 2022, the Company and Mr. Barreto entered into a stock option agreement (the “Fernandez Option Agreement”), pursuant to which Mr. Barreto was granted the right to purchase additional shares in accordance with the following vesting percentages: 1% of the Company’s issued stock, which will vest immediately, 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $50 million for five consecutive trading days, 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $100 million for five consecutive trading days, and 1% of the Company’s shares outstanding upon the Company’s market capitalization reaching $200 million for five consecutive trading days, as detailed in his employment stock option agreement. The foregoing description is qualified in its entirety by the Barreto Option Agreement attached as Exhibit 10.2 to this Current Report on Form 8-K.
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