Frontera Resources Corporation announced the completion of a stock option exchange program for employees and directors of the Company pursuant to which options to purchase shares of Common Stock previously granted at strike prices ranging from $1.00 to $2.87 were eligible to be exchanged for a lesser number of options on a three-for-one basis and at a strike price equal to the closing price on the AIM on September 29, 2009, the date the election period ended. All vesting and expiration dates of the options remained unchanged. The exchange ratio was determined by the Board of Directors of Frontera to be fair and reasonable based on a comparative analysis of similar programs for other publicly traded companies. As a result of the exchange program, directors elected to exchange their previously granted options that were eligible for the program as follows:
Directors
Number of Options
Weighted Average Strike Price
Number Exchanged
Number Following Exchange
Strike Price
Expiration Dates
Steve Nicandros
1,000,000
$1.00
-
1,000,000
$1.00
2012-2013
Steve Nicandros
1,867,500
$2.75
-
1,867,500
$2.75
2010-2018
Lan Bentsen
600,000
$1.00
-
600,000
$1.00
2012-2013
Lan Bentsen
800,000
$2.68
800,000
266,667
£0.17
2010-2018
Steve McGregor
467,500
$1.00
-
467,500
$1.00
2010-2013
Steve McGregor
1,075,000
$2.87
1,075,000
358,333
£0.17
2016-2018
Andy Szescila
25,000
$1.00
25,000
8,333
£0.17
2014
Andy Szescila
150,000
$2.87
150,000
50,000
£0.17
2017-2018
Luis Giusti
150,000
$2.87
150,000
50,000
£0.17
2017-2018
Spyros Karnessis
8,000
$1.00
8,000
2,667
£0.17
2013
Spyros Karnessis
175,000
$2.75
175,000
58,333
£0.17
2010-2018
Employees other than directors elected to exchange in the aggregate 5,403,500 previously granted options for 1,801,167 options with a strike price of £0.17. The exchange program was offered for the purpose of incentivization and retention of employees in line with the Company’s current strategy.
