NexCen amends stock option plans
Home & Textiles Today Staff -- Home Textiles Today, June 27, 2008
New York – Brand management company NexCen Brands has made several changes to its stock option agreements with a range of current and former employees, the company reported to the Securities and Exchange Commission yesterday.
NexCen extended the stock option exercise period to Dec. 31, 2009 for former cfo David Meister, who left the company in March, and for former evp brand management and licensing Chuck Zona, who stepped down as the company restructured in May.
Also, Zona and NexCen shifted some options rights; under the new agreement Zona will surrender most of his 2006 hiring agreement shares, while a second, smaller set of shares granted in March 2008 will be fully vested. NexCen will also loosen his non-compete covenant.
Kenneth Hall, who was hired as cfo in March, is granted 250,000 options in a new agreement, and NexCen grants a total of 528,000 options to 25 key employees, under identical conditions to the Hall options. These shares have an exercise price of $0.41 per share and a 10-year term and vest in four equal installments through June 24, 2009.
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