Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 3, 2023, the board of directors of Bitech Technologies Corporation (the "Company") approved the grant of a nonstatutory stock option (the "Stock Option") to purchase 5,000,000 shares of the Company's common stock, $0.001 par value (the "Common Stock") to each of Robert J. Brilon, the Company's Chief Financial Officer and Gregory D. Trimarche, a director of the Company.

The exercise price of the Stock Options are $0.03 per share. The Stock Options subject to these grants vest 50% on the date of the grant and 50% on April 3, 2024 so long as the recipient of the award is providing services to the Company or one of its subsidiaries; provided, however, the vesting is subject to acceleration such that if the recipient is terminated from his role without cause (as defined in the Stock Option) the number of shares subject to their respective Stock Option in the year of termination shall vest plus the number of shares that would have vested in the following year. In the event the recipient's service is terminated with cause, the number of shares subject to the Stock Option awarded to such recipient in the year of termination shall vest.

The Stock Option may be exercised for the earlier of (1) ten years from grant date or (2) five (5) years after termination as a member of the Company's board of directors.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed with this Current Report:






Exhibit No.   Description
10.1†           Form of Stock Option Agreement (Incorporated by reference to
              Exhibit 10.2 from the Form 8-K filed with the SEC on December 21,
              2022).

104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document

† Includes management contracts and compensation plans and arrangements

© Edgar Online, source Glimpses