Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

v3.20.2
Subsequent Event
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event

Note 13 – Subsequent Event

Awards Under Long-Term Incentive Plan

On July 1, 2020, the Company issued 230,000 restricted stock units to certain employees and officers of the Company under The Goldfield Corporation 2013 Long-Term Incentive Plan (the “2013 Plan”), which had been approved by the Company’s stockholders on May 30, 2013. These 230,000 shares are the first shares awarded under the 2013 Plan. On each anniversary of the date of the award one third of the restricted stock units awarded will vest, subject to the participant’s continued employment with the Company.

Under the 2013 Plan the maximum number of shares that may be issued pursuant to awards is 1,250,000. Shares that are potentially deliverable under an award that expires or is canceled, forfeited, settled in cash or otherwise settled without the delivery of shares shall not be treated as having been issued under the 2013 Plan. Shares underlying lapsed or forfeited awards of restricted stock units shall not be treated as having been issued pursuant to an award under the 2013 Plan. Shares that are withheld to satisfy the option exercise price or tax withholding obligations related to any award shall be deemed to be shares issued under the 2013 Plan.