Mr. Peter Bell reports
KERMODE ISSUES STOCK OPTIONS AND PERFORMANCE SHARE UNITS TO
INDEPENDENT DIRECTOR AND CFO
Kermode Resources Ltd. has granted stock options and performance
share units to a director and an officer in accordance with the company's
security-based compensation plan.
The company assigns to Roger Lewis, an independent director, 400,000
stock options and 400,000 performance share units. The company assigns
to Matthew Anderson, the chief financial officer, 400,000 stock options and 400,000
performance share units. The stock options shall have an exercise price of
five cents per share and a five-year term, expiring on April 25, 2029.
The performance share units shall vest after one year and have a
term of three years, expiring on April 25, 2029. The Units entitle the recipient
to receive payment in cash or shares of an amount equal to the closing market
price on the day prior to the last day of the applicable performance period
multiplied by the applicable multiplier, to be determined on the last day of the
performance period.
The timing of the performance period for any units that may be exercised is
at the sole discretion of the board of directors. After the units have vested,
some may be exercised on some dates and others on different dates at the sole
discretion of the board to allow for multiple performance periods to exercise
different tranches of units. The board is not obligated to exercise any
number of the units at any time unless it so decides.
At the sole discretion of the board of directors, the form of payment for any
units shall be determined upon exercise. The multiplier shall be set at the
sole discretion of the board of directors at the time of exercise with a
maximum value of 10 to one.
Prior to this issuance of stock options and units, the company had a total
number of stock options equal to 1,619,630 with weighted average exercise
price of 50 cents, and a total number of units equal to one million.
The maximum number of Stock Options that can be issued by the company
at this time is equal to 4,206,542, which is 10 per cent issued shares of the
company, and the maximum number of units that can be issued is equal to
2,638,521 as set by the company's security-based compensation plan dated
Dec. 1, 2023.
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities
around the world.
We seek Safe Harbor.
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