New News - confirmation of stock option grantSo another 1.4 Million options out there with 1/3 granted immediately.
What's interesting is the very last line "subject to a vesting acceleration clause under certain events". The final 1/3 of their shares could vest before the 1 year under certain conditions - what are those conditions? Perhaps if the price hits a certain clip level.. or drilling timelines.. would like to know those.
https://finance.yahoo.com/news/cgx-energy-completes-grant-previously-230100376.html
Toronto, Ontario--(Newsfile Corp. - March 23, 2021) - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company"), announces that it has completed the grant of incentive stock options ("Options") previously announced on February 8, 2021 related to the appointment of Professor Mark D. Zoback as a Director of the Company and Ms. Jennifer Budlong as Exploration Manager. Pursuant to the appointments, the Company granted Professor Zoback and Ms. Budlong Options of 1,000,000 and 400,000, respectively, subject to regulatory approval. The stock options were granted on March 23, 2021 pursuant to the Company's stock option plan and are exercisable at a price of $0.82 per share, set to expire on March 23, 2026. These Options vest as follows: (a) 1/3 of the Options granted immediately; (b) 1/3 of the Options granted on the six month anniversary of the Option grant; and (c) 1/3 of the Options granted, being the remaining amount, on the first anniversary of the Option grant, subject to a vesting acceleration clause under certain events.