Stock Options For Board OF Directors
posted on
Nov 16, 2009 12:20PM
Exploration and production of oil and natural gas.
I was reading the posts on Investor Village today and read a posting concerning the stock option grants which were made to Directors on Canadian Superior's Board, so I went to SEDAR and turned to the interim financial statements. Under Item 21 Subsequent Events, on page 20 it states the following:
"On October 16, 2009, the Board of Directors approved a plan to make a substantial portion of the compensation of the directors in the form of long term equity based grants. This plan reflects the Board’s belief that the directors should develop a meaningful equity position in the Company and that a major portion of each director’s compensation should be tied to the long term performance of the Company. Under the plan, the Board granted 1,338,000 units to the directors under the terms of the stock unit award agreements. A stock unit is the right to receive a cash amount equal to the fair market value of one common share of the Company. The units vest the earlier of December 31, 2012 or the date the Company incurs a change of control. The units vest ratably in the event a director leaves the Board for any reason. If subsequent to the grant date, the shareholders of the Company approve an equity compensation plan under which the stock units may be paid with common shares of the Company, then the Board may determine that the units may be paid in cash or common shares.
On October 28, 2009, the Company announced that the Toronto Stock Exchange (“TSX”) has completed its review of the common shares of the Company and had determined that the Company meets TSX’s original listing requirements.
On November 11, 2009, the Company issued 5,311,000 stock options with a weighted average exercise price of $0.64 per share. "
It appears that business is returning to normal at Canadian Superior Energy. We await the arrival of the new Chairman.
Best Wishes; Scott