UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 15, 2023, The Glimpse Group, Inc. (the “Company”) awarded stock options (the “Options”) to acquire shares of the Company’s common stock (“Common Stock”), subject to the terms and conditions of the respective officer’s stock options agreement, including: (i) an exercise price equal to $7.00 per share of Common Stock; (ii) expiration of the Options on the Tenth (10) anniversary of the Grant Date; (iii) all Options, Initial and Target (each as defined in the Option Agreements), vest over four (4) years commencing on February 15, 2023; (iv) certain Target Options shall vest to each grantee in fixed amounts, based on achieving revenue targets of $30,000,000, $50,000,000, $75,000,000 and $100,000,000 over consecutive four quarter periods in the aggregate over the next 7 years; (v) certain Target Options shall vest to each grantee in fixed amounts, based on achieving fifteen consecutive closing trading priced equal to or above $20, $30, $45 and $60 per share over the next 7 years. The Options are granted in the following amounts and to the respective officers set forth below:
| Lyron Bentovim | 1,210,000 | |||
| Maydan Rothblum | 770,000 | |||
| David John Smith | 220,000 |
The Options were granted as incentive options to Mr. Bentovim, Mr. Rothblum and Mr. Smith as both a retention mechanism and to further drive performance and the Company’s growth. The Options were granted pursuant to the Company’s 2016 Equity Incentive Plan, as amended, and were each approved by the Company’s Compensation Committee and Board of Directors.
The foregoing description of the Option Agreement for each Lyron Bentovim, Maydan Rothblum and David John Smith does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Bentovim Option Agreement, Rothblum Option Agreement and Smith Option Agreement, copies of which are filed hereto as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, and incorporated by reference in this Current Report on Form 8-K.
Item 9.01 Exhibits
| Exhibit No. | Description | |
| 10.1 | Bentovim Option Agreement, dated February 15, 2023 | |
| 10.2 | Rothblum Option Agreement, dated February 15, 2023 | |
| 10.3 | Smith Option Agreement, dated February 15, 2023 | |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 16, 2023
| THE GLIMPSE GROUP, INC. | ||
| By: | /s/ Lyron Bentovim | |
| Lyron Bentovim | ||
| Chief Executive Officer | ||