6-Jan-2006
Other Events
Item 8.01 Other Events Approval of 2006 Stock Option Plan
The board of directors has approved the Company's 2006 Stock Option Plan. The 2006 Stock Option Plan provides for the grant of options to purchase up to 37,000,000 common shares of the Company to the Company's directors, officers, employees and eligible consultants.
Grants of Stock Options
We granted options to purchase an aggregate of 30,000,000 shares to certain of our insiders on January 4, 2006 as follows. All options are fully vested and are exercisable at a price of $0.05 per share for a seven year term from the date of grant, being January 4, 2013:
NAME NUMBER OF OPTIONS Garry Anselmo, President and Director 15,000,000 James Dixon, Director 3,000,000 Stuart McCulloch, Director 3,000,000 John McKay, Secretary 2,000,000 Ed Armstrong, President of Silverado Green Fuel Inc. 4,000,000
Warrack Willson, Vice-President of Silverado Green Fuel Inc. 3,000,000
Reductions to Exercise Prices of Outstanding Stock Options
Effective January 4, 2006, we reduced the exercise price of previously outstanding options held by certain of our insiders to purchase an aggregate of 6,000,000 shares from $0.13 per share to $0.05 per share as follows. All options are fully vested and are exercisable at a price of $0.05 per share for a seven year term from the date of grant, being December 4, 2008:
NAME NUMBER OF OPTIONS Garry Anselmo, President and Director 3,000,000 James Dixon, Director 500,000 Stuart McCulloch, Director 500,000 John McKay, Secretary 0 Ed Armstrong, President of Silverado Green Fuel Inc. 1,500,000
Warrack Willson, Vice-President of Silverado Green Fuel Inc. 500,000
http://biz.yahoo.com/e/060106/slglf.ob8-k.html
|