07-17-2013, 05:21 AM
I agree MRP; Phil stayed on as a founding director and is seen to have the ability to still add value, so he was able to negotiate a waiving of the continued employment clause as a condition on the options. Christian was not able to do that as he was not retained as a Director. However, as I read, it in the case of retirement those options could still be exercised within 90 days of retirement. But in the case of a non-voluntary termination of employment, they expire immediately. With the SEDI report showing that they expired 6/30/2013 it almost looks like he was let go; maybe a non-voluntary retirement.