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Global Gas | SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-William Bennett Nance, Jr.(26.9%)

SEC announcement ·  Mar 7 08:06
Summary by Futu AI
On March 4, 2024, Global Gas Corporation filed an amendment to Schedule 13D with the SEC, indicating significant changes in share ownership and executive compensation agreements. William Bennett Nance, Jr., the reporting person, has entered into forfeiture agreements resulting in the forfeiture of 1,440,000 shares of Class B Common Stock. Post forfeiture, Nance may be deemed to beneficially own 2,000,000 shares of Class A Common Stock, representing approximately 26.9% of the outstanding shares. This ownership includes the right to acquire shares within 60 days upon the exchange of Class B for Class A stock. Additionally, Nance has amended his employment agreement with Global Hydrogen, where he serves as CEO and Founder. The amendment restructures his compensation to include Gross Profit Payments of 15% of the issuer's gross profit, up to $250,000 annually, replacing his base salary. The amendment also modifies certain noncompetition and non-solicitation provisions and updates termination considerations. These changes are detailed in the Employment Agreement Amendment and the Form of Forfeiture Agreement, both filed with the SEC.
On March 4, 2024, Global Gas Corporation filed an amendment to Schedule 13D with the SEC, indicating significant changes in share ownership and executive compensation agreements. William Bennett Nance, Jr., the reporting person, has entered into forfeiture agreements resulting in the forfeiture of 1,440,000 shares of Class B Common Stock. Post forfeiture, Nance may be deemed to beneficially own 2,000,000 shares of Class A Common Stock, representing approximately 26.9% of the outstanding shares. This ownership includes the right to acquire shares within 60 days upon the exchange of Class B for Class A stock. Additionally, Nance has amended his employment agreement with Global Hydrogen, where he serves as CEO and Founder. The amendment restructures his compensation to include Gross Profit Payments of 15% of the issuer's gross profit, up to $250,000 annually, replacing his base salary. The amendment also modifies certain noncompetition and non-solicitation provisions and updates termination considerations. These changes are detailed in the Employment Agreement Amendment and the Form of Forfeiture Agreement, both filed with the SEC.
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