Lyron L. Bentovim - Feb 15, 2023 Form 4 Insider Report for Glimpse Group, Inc. (VRAR)

Role
Chief Executive Officer, Director
Signature
/s/ Lyron Bentovim
Stock symbol
VRAR
Transactions as of
Feb 15, 2023
Transactions value $
$0
Form type
4
Date filed
2/17/2023, 02:15 PM
Previous filing
Jan 12, 2023
Next filing
May 31, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction VRAR Stock Options (right to buy) Award $0 +1.21M $0.00 1.21M Feb 15, 2023 Common Stock 1.21M $7.00 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On February 15, 2023, the Company, under its 2016 Incentive Plan, issued to Mr. Bentovim options (the "Options") to purchase 1,210,000 shares of Common Stock, subject to the terms and conditions of Mr. Bentovim's Options Agreement, which include certain provisions set for in the Remarks section below.
F2 The beneficial ownership set forth above does not include 37,224 shares directly held by Mr. Bentovim, 90,188 options to purchase common stock held by Mr. Bentovim, as well as 1,001,945 shares indirectly held by Mr. Bentovim (through Darklight Partners LLC - an entity owned and managed by Mr. Bentovim).

Remarks:

(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 to vest over four (4) years commencing on February 15, 2023; (iv) certain Options shall vest 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; and (v) certain 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.