Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 9, 2020, the Compensation Committee of the Board of Directors of
ClearSign Technologies Corporation (the "Company") awarded to the individuals
named below options from the Company's 2011 Equity Incentive Plan:
Name and Title Number of Shares
Subject to the Option
Brian Fike, Chief Financial Officer 40,000
Donald Kendrick, Chief Technology Officer 40,000
Manuel Menendez, President, ClearSign Asia Limited 50,000
Stephen Sock, Senior VP of Business Development 30,000
Each option has a term of 10 years and an exercise price of $0.89, the closing
price of the common stock on the date of award. With the exception of the
options awarded to Messrs. Kendrick and Menendez, all of the options vested on
the date of grant. Of the option awarded to Mr. Kendrick, the right to purchase
20,000 shares of common stock vested on the date of award and the right to
purchase the remaining 20,000 shares of common stock will vest upon the
completion of certain performance objectives. Of the option awarded Mr.
Menendez, the right to purchase 40,000 shares of common stock vested on the date
of award and the right to purchase the remaining 10,000 shares of common stock
will vest upon the completion of certain performance objectives.
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