Hi Fossil. I do not have access to the contractual documentation. But from the NR, I read the following:

1- Mr. Coutts is purchasing now a first tranche of 335,000 "Common shares" of Noront from treasury at $0.30 per share; (I believe that a cheque of $ 100 500 will be made by Mr Coutts to the order of Noront Resources Inc, re: subscription to 335 000 Common Shares)

2- Mr. Coutts will also be vested with 335,000 "Restricted Share Units" on the 2nd anniversary of his hiring given that i) he still owns 100 % of his initial position (335,000 shares) after 1 year AND ii) he still owns 66 2/3% ownership of them (223 331 shares) after 2 years; (I should have a look later to the definition of these RSU...)

3- Mr. Coutts will furthermore be granted "Performance Share Units" (2MM max, in 500K tranches) if, as and when the Company achieves certain increasing share price milestones,

4- Mr. Coutts is finally granted 3,000,000 stock options, exercisable at a price of $0.30 per share, vesting in 3 equal tranches (now, 1 year and 2 years from now);

A Win-Win package for both the Company and the CEO I think. And I would add a collateral "Win" for us, shareholders with #3 herebove!!!

GLTA.