Re: new sec filing?
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Welcome to the Crystallex HUB on AGORACOM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: new sec filing?
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options plan.....ok, maybe i'm not the sharpest knife in the drawer, but c'mon! check this out......can someone translate this into english for me?
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(j)
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In lieu of exercising an Option in accordance with Subsection 2.3(i), the Board may permit a Participant to elect to receive, without payment by the Participant of any additional consideration, Common Shares equal to the value of the Option (or the portion thereof being exercised) by surrender of the Option at the principal office of the Corporation, together with written notice reflecting such “cashless” exercise, in which event the Corporation shall issue to the Participant a number of Common Shares computed using the following formula:
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X =
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Y (A – B)
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A
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Where:
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X =
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The number of Common Shares to be issued to the Participant pursuant to the cashless exercise;
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Y =
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The number of Common Shares in respect of which the cashless exercise election is made;
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A =
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The fair market value of one Common Share in the date of exercise of the Option; and
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B =
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The exercise price of the Option.
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For the purposes of this Subsection, the fair market value of one Common Share as of a particular date shall be the volume weighted average trading price of one Common Share on the Toronto Stock Exchange over the period of 5 consecutive trading days ending on and including the last trading day prior to the particular cashless exercise date. Upon a cashless exercise in accordance with this Subsection, the number of Common Shares which may be issued under this Plan shall be reduced by the number of Shares referred to above as “X” and not the number referred to as “Y”.
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