The Board of Calico Resources set new corporate objectives and revised its executive compensation policy to align with those objectives. As part of the new compensation plan, cash payments to directors were discontinued, and an incentive stock option plan was approved. Accelerated vesting under the plan was tied directly to the new corporate objectives.
“Of the 725,000 incentive stock options granted to directors and consultants of the Company pursuant to its incentive stock option plan, 362,500 vested immediately while the remaining 362,500 vest upon the earlier of: (1) the sale of the Company; (2) the sale of the Grassy Mountain asset; (3) completion of a joint-venture agreement on Grassy Mountain; or (4) approval of a Plan of Operation by the state of Oregon”.
- Vesting and accelerated vesting of options can be tied directly to company objectives.
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