Pele Mountain Resources Inc. (TSX VENTURE:GEM) (OTCQX:GOLDF) announced that the Company and its President and Chief Executive Officer, Alan L. Shefsky have negotiated a 4-year renewal of Mr. Shefsky\’s executive employment agreement.
The Executive Agreement in effect terminates and replaces the previous five-year executive employment agreement which was set to expire on September 30, 2012.
In connection with the Executive Agreement, Mr. Shefsky has been granted options
to acquire up to 3,000,000 common shares of the Company, expiring on or before September 30, 2015. The CEO Options are exercisable at an exercise price of $0.15 per common share for the first 1,000,000 options, $0.20 per common share for the second 1,000,000 options and $0.25 per common share for the remaining 1,000,000 options.
Furthermore, effective October 1, 2013, the exercise price of all unexercised First Tranche Options shall increase to $0.20 per common share and effective October 1, 2014, the exercise price of all unexercised First Tranche Options and Second Tranche Options shall be increased to $0.25 per common share. The First Tranche Options shall vest on October 1, 2012, the Second Tranche Options shall vest on October 1, 2013 and the Third Tranche Options shall vest on October 1, 2014. The granting of the CEO Options remain subject to regulatory acceptance of applicable filings.