Quarterly report pursuant to Section 13 or 15(d)

10. Related Party Transactions

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10. Related Party Transactions
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

Note 10 – Related Party Transactions

 

On March 1, 2018, the Board of Directors (the “Board”) of the Company approved and adopted the Black Ridge Gas, Inc. 2018 Management Incentive Plan (the “Plan”) and the form of 2018 Management Incentive Plan Award Agreement (the “Award Agreement”).

 

In connection with the approval of the Plan and Award Agreement, the Board approved the issuance of awards (the “Awards”) to certain individuals including officers and directors (the “Grantees”), representing a percentage of the shares of BRAC held by the Company as of the date of closing of a business combination for the acquisition of a target business as described in the BRAC prospectus dated October 4, 2017, as follows:

 

    Percentage of BRAC Shares Owned by the  
Name   Company Granted to the Grantee  
Bradley Berman     1.6%  
Lyle Berman     1.6%  
Benjamin Oehler     1.6%  
Joe Lahti     1.6%  
Kenneth DeCubellis     4.0%  
Michael Eisele     2.8%  
James Moe     2.1%  

 

The Company currently owns 3,895,000 shares of BRAC common stock and has rights to an additional 445,000 shares that would be issued on the date of the closing of a business combination. The actual number of shares of BRAC stock granted to the Grantees will be determined on the date of closing of a business combination and will be issued one year from that date. The Company will recognize no expense related to the Awards until a specific business combination is probable.