Links from this article:
Read the article here.
here!

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”.

Read the article here.

Take away:

  • Vesting and accelerated vesting of options can be tied directly to company objectives.

 

Are you a Startup Company looking for discounted legal services? Check out our partnership with Black Letter Law lawyers here!

 

–  –  –

This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.