Time is running out on Rajoe's options...
Expiration is September 13th, 2017. I would assume this would create some urgency to get the audit completed very soon.
Grant of Options under the 2011 Equity Incentive Plan
On September 14, 2012 (the “Grant Date”), the Board of Directors (the "Board") of Native American Energy Group, Inc. (the "Company") pursuant to the Company’s 2011 Equity Incentive Plan (the “Plan”) approved the grant of stock option awards to its named executive officers and a consultant of the Company (the “Options”) as set forth in the table below.
All of the officer’s options vest in equal yearly increments over a four-year period beginning on the first anniversary date of the Grant Date and the consultant’s options vest in equal yearly increments over a two-year period beginning on the first anniversary date of the Grant Date. Payment of the exercise price may be made in cash, by certified or cashier’s check or on a cashless basis. The Option grants were made pursuant to the terms of each officer’s respective employment agreement and a consulting agreement with the Consultant. All of the Options are intended to be incentive stock options for tax purposes.
Named Executive Officer
Stock Options
Granted
Grant Date
Exercise Price
Expiration Date (2)
Joseph G. D’Arrigo,
President &
Chief Executive Officer
2,000,000 September 14, 2012
$2.00
(1)
September 13, 2017
Raj S. Nanvaan,
Chief Financial Officer &
Chief Operations Officer
2,000,000 September 14, 2012
$2.00
(1)
September 13, 2017
Richard Ross,
Corporate Secretary &
Chief Communications Officer
2,000,000 September 14, 2012 $0.20 September 13, 2022
Doyle A. Johnson,
Chief Geologist &,
Petroleum Engineer
2,000,000 September 14, 2012 $0.20 September 13, 2022
Linda C. Chontos,
Administrative
Operations Officer
2,000,000 September 14, 2012 $0.20 September 13, 2022
Consultant
J.R. Bautista
Consultant
1,000,000 September 14, 2012 $0.20 September 13, 2014
(1) Mr. D’Arrigo and Mr. Nanvaan, rather than accept the exercise price of $0.20 per share, have elected to increase the exercise price for such options to $2.00 per share, significantly higher than the highest price at which the Company’s Common Stock has traded on the OTCQB Market since its shares began trading in June 2012 shortly after the Depository Trust Company (DTC) restored electronic clearance and settlement services for the Company’s “NAGP” security. The number of option shares and vesting requirements remain unchanged.
(2) The Options granted to Joseph G. D’Arrigo and Raj S. Nanvaan are five (5) year options to purchase shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) and the Options granted to Messrs. Ross and Johnson and Mrs. Chontos are ten (10) year options to purchase shares of the Company’s Common Stock. As Mr. D’Arrigo and Mr. Nanvaan are ten percent stockholders, their options are not exercisable after the expiration of five (5) years from the date of grant pursuant to the terms of the Plan.
