During yesterday's AGM the share award program was voted against.
As a result there was a vote for the 2009 stock option plan which was voted on and end result was votes were "for". If you go into the circular 2010 and compare to 2009 you will see the following.
If you quit working for Noront Resources or were let go in 2009 you had 3 months to exercise your options before your options expired. In the 2010 plan there was a proposal to make that a 12 month period. Since the share award plan was shot down ...the 2009 plan was brought up during the AGM and voted on. The 2009 plan is in.
As an example Joanne Jobin's last day was Aug. 4. 2010. She has until Nov.4 to exercise her options. She had some at $2.09. If the share price does not get above $2.09 before Nov.4 (15 days away), the options are worthless. Had the share award plan been approved she would have had until Aug.4, 2011 to exercise the options. Several people are no longer with Noront, Jim Atkinson was another one, John Harvey as well. Patrick Anderson was not listed as one of the current members on the board during voting. They all have 3 months from their last employment day to do something with their options, if anything based on their value.
Below were options given in 2009.
TORONTO, Jan. 29 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) reports that pursuant to the Company's Stock Option Plan and subject to any regulatory approvals, it has granted the following stock options ("Noront Stock Options") to employees, officers and directors of the Company during 2009:
<<
- August 4, 2009: 700,000 Noront Stock Options were granted to
directors and officers at a strike price of $2.70, exercisable for a
period of five years (2014) with a three year vesting period;
- October 15, 2009: 700,000 Noront Stock Options were granted to
directors of the Company at a strike price of $1.84, exercisable for
a period of five years (2014) with a one year vesting period;
- October 15, 2009: 500,000 Noront Stock Options were granted to
officers of the Company at a strike price of $1.84, exercisable for a
period of five years (2014) with a three year vesting period; and
- December 11, 2009: 555,000 options were granted to employees and
officers of the Company at a strike price of $2.09, exercisable for a
period of five years (2014) with no vesting period.
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