Laurion Mineral Exploration Inc. V.LME

Stock Options - Steve forfeited 250,000 options

[ahsineeg]

Seeing the SEDI reports confirming that Cynthia has excercised some of the options she announced she would be exercising prompted me to look up how many LME options are outstanding.  

Interesting observation, Steve forfeited his 250,000 options at $0.40 when he left in February.  The vesting schedule is 1/3 of the options become exercisable every 12 months (all options exercisable after 3 years....or immediately if the company is bought out).   So none of his options were exercisable when he departed in February.  

So for anyone worried about the company handing out options left, right and centre to IR consultants....you can sleep better knowing that Steve's options were cancelled and reissued at $0.45 to Doug.

[Wmaver]

at least it looks like we are not the only ones on here that were hoping a BO would happen last year!

[CharlieBaba13]

Does anyone know what was his option price was? 

[Wmaver]

Lol it is literally in the original post.... 40c

[Wmaver]

But your question isn't the question that matters. It says nothing about what he thought was the value.  His options became available 1/3 per year.  So he didn't make it a year ( which he knew in advance he wouldnt) and so he didn't get the chance to buy his options. 

[GoldenBull999]

I mean...for just posting a few times a week on a forum its worth a gamble of doing 30 minutes of free work to potentially have all those options vest in the event of a BO... AGM is gonna be fun this year

[ahsineeg]

His options were never going to be worth anything unless there was a BO before he resigned. His contract was for 6 months max, meaning the options would have never vested based on his contract. This just seems like a very odd agreement to me. Offering to work for free... Open to hearing other people's thoughts.  

[keen2know]

Yes agree with you. I wonder what the relationship was between Steve and Cynthia. Further I wonder what the relationship is between Doug and Cynthia.  for what it's worth I think Steve was levels above Doug. However I don't think either are necessary or beneficial.

[Bracko]

Wondering why Steve didn't purchase his stocks options for 100 grand he could have made 2 million if the stock price was at 8 dollars . He Spoke so highly of LME on this forum makes me wonder if anything is going to happen this year . If I was him  and I  true in my heart believe in this company I would have mortgage my house on LME. I think this is the calm before the storm

[ahsineeg]

He didn't have the option to exercise his options. 1/3 of his options would have been available to exercise on his 1 year anniversary working for LME, another 1/3 on the 2nd anniversary, and the final 1/3 on the 3rd anniversary. This is the standard LME vesting schedule for options. It ensures that options are only going to folks that stay with the company for the long run.   All the

[Neil68]

Bracko, there is nothing stopping you from mortgaging your house and buying LME. You do not have to be Steve to do so.

[TraderRC]

Good evening All, Who says Steve didn't already mortgage his house.  Who knows, probably didn't, not many people would have the cahonies to make such a move. In any case, if I was in Steve's position, instead of exercising the options ( assuming I could) I would have just loaded up my shares when we're were in the 30's, which was not too long ago. I think he took on the