Friday, January 7, 2011

Falcon Oil & Gas announces finalized Employment Agreement with the CEO

Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") announces today that it has finalized an employment agreement with Robert C. Macaulay, its recently appointed President and CEO.

Mr. Macaulay will, as part of his compensation, receive 1,000,000 incentive options under the stock option plan approved at Falcon's annual and special shareholders meeting held on December 14, 2010. Terms of the options include an exercise price of $0.15 per common share, a vesting schedule allowing for 1/3 of the options to vest immediately with an additional 1/3 vesting each subsequent year until the options are fully vested on December 24, 2012, and an expiry date of the options of December 24, 2015.

Source: CNW Group