Stratic Energy has granted stock options to employees to acquire up to 2,950,000 common shares of the Company under its stock option plan. None of these options were granted to directors, officers, senior employees or other insiders.
The exercise price of C$0.30 represents the volume weighted average trading price of Stratic's shares on the TSX Venture Exchange over the last five business days immediately preceding the grant of the options. The share options will expire on June 15, 2019 and will vest in increments of 25% at grant and thereafter every six months until fully vested by December 16, 2010.
To enable these awards to be made, the President and Chief Executive, Kevin Watts, has waived all rights to 3,000,000 options priced between C$1.22 and C$1.35, and the Chairman, Sir Graham Hearne, has waived all rights to 1,000,000 options priced at C$1.20. The individuals concerned have taken this step because they believe it is vitally important that the company's support staff, who have played a key role in keeping the Company running over the last twelve months, should benefit in a meaningful way in Stratic's recovery.
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