Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  

Effective April 27, 2022, Noah Verleun, previously GCEH’s Executive Vice President of Development & Regulatory Affairs was promoted to GCEH’s President and entered into a new three-year employment agreement whereby his annual base salary is adjusted to $450,000 per year and an annual cash bonus target of up to one hundred percent (100%) of his annual base salary. Mr. Verleun was also granted a stock option to purchase 1,200,000 shares of Common Stock with an exercise price of $3.60 per share on various terms including a vesting term of three years for 50% of the option shares and a market achievement condition for 50% of the option shares. Mr. Verleun replaces Richard Palmer as President. Mr. Palmer remains the Chief Executive Officer of the Company, and a director of the Company.
On April 27, 2022, GCEH’s Board of Directors amended and restated the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) to increase the number of shares of Common Stock of the Company reserved for issuance under the 2020 Plan from 2,000,000 to 7,000,000 shares. The increase in the number of shares available under the 2020 Plan is subject to stockholder approval at the Company’s annual meeting of stockholders to be held on June 23, 2022.