The Limestone Boat Company Announces Grant of Options

Rhea-AI Summary

The Limestone Boat Company has granted 4,745,000 stock options to directors, officers, employees, and consultants, with an exercise price of $0.12 per share for five years. The options will vest based on two schedules: 31.25% will vest immediately for some recipients, while others will see 25% vest after nine months, followed by quarterly vesting for three years. Notably, no options were allocated to the Board Chair or CEO. This initiative aims to incentivize personnel while aligning their interests with shareholder value.

Positive

• Issuance of 4,745,000 options to incentivize employees and align interests with shareholders.
• Options exercisable at a low price of $0.12, potentially increasing market value.

Negative

• None.

COLLINGWOOD, Ontario, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited ("Limestone" or the "Corporation") (TSXV: BOAT |OTCQB: LMSBF) announces today that it has granted to certain directors, officers, employees and consultants of the Corporation an aggregate of 4,745,000 options to purchase common shares of the Corporation ("Options"), exercisable at a price of $0.12 per common share for a period of five years.

The Options will vest according to two separate vesting schedules. For certain Option recipients, 31.25% of the Options will vest immediately with the remaining Options vesting on a quarterly basis for three years thereafter. For the balance of the Option recipients, one quarter (25%) of the Options will vest nine (9) months after their grant date with the remaining Options vesting on a quarterly basis for three years thereafter. The common shares issuable upon exercise of all Options will be subject to a four-month hold period from the original date of grant.

No Options were issued to the Board Chair or the Chief Executive Officer of the Company as part of the issuance of these Options.

About Limestone Boat Company Limited

The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone^® Boats and Boca Bay Boats - is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. They are headquartered in Collingwood, Ontario with a 145,000 sq. ft. manufacturing facility in White Bluff, Tennessee. The Company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.

For more information, contact:

Investor Relations:
Bill Mitoulas
800-720-2395
bill@limestoneboats.com
www.limestoneboatcompany.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

What are the details of the stock options granted by Limestone Boat Company?

Limestone Boat Company granted 4,745,000 stock options at $0.12 per share, vesting over different schedules.

Who received the stock options from Limestone Boat Company?

Options were granted to certain directors, officers, employees, and consultants, but not to the Board Chair or CEO.

What is the vesting schedule for the options issued by Limestone Boat Company?

The vesting schedule includes immediate vesting for 31.25% of options for some recipients and 25% vesting after nine months for others.

How long are the stock options valid for Limestone Boat Company's employees?

The stock options are exercisable for a period of five years.

What is the significance of the $0.12 exercise price for Limestone Boat Company's stock options?

The $0.12 exercise price may encourage employees to buy shares, aligning their interests with the company’s performance.