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| CGA > SEC Filings for CGA > Form 8-K on 18-Jun-2012 | All Recent SEC Filings |
18-Jun-2012
Change in Directors or Principal Officers
(e) On June 14, 2012, the Compensation Committee (the "Committee") of the Board of Directors of China Green Agriculture, Inc., a Nevada corporation (the "Company"), approved the grant of restricted stock to certain executive officers and directors of the Company under the Company's 2009 Equity Incentive Plan.
Under the 2009 Equity Incentive Plan of the Company, effective June 14, 2012, the Committee granted (i) 250,000 shares of restricted stock to Mr. Tao Li, the Company's Chairman and Chief Executive Officer (the "CEO"), (ii) 150,000 shares of restricted stock to Mr. Ken Ren, the Company's Chief Financial Officer (the "CFO"), and (iii) 15,000 shares of restricted stock to each of Ms. Yiru Shi, Mr. Yizhao Zhang and Mr. Lianfu Liu, the Company's independent directors (the "Stock Grants").
The Stock Grants all vest in three installments on June 30, September 30, and December 31, 2012, with 150,000 shares vesting first and 50,000 shares vesting on each of the other two vesting dates to the CEO, 120,000 shares vesting first and 15,000 shares vesting on each of the other two vesting dates to the CFO and 10,000 shares vesting first and 2,500 shares vesting on each of the other two vesting dates to each of the three independent directors. The vest of the restricted shares is conditioned on the individuals being employed by the Company at the time of the vest.
In addition, the Committee delegated the CEO to allocate a total of 555,000 shares of restricted shares to key employees. The grant of such shares will not be effective until the CEO makes such allocation of the shares.
The restricted stock was granted pursuant to the Company's Form of Restricted Stock Grant Agreement, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 11, 2010.
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