Overstock.com,Inc. (NASDAQ:OSTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)On July 26, 2017 the board of directors of Medici Ventures, Inc. (“Medici”), a wholly owned subsidiary of the registrant, Overstock.com, Inc. (“Overstock”), authorized the grant, subject to Medici’s completion of any necessary filings, of compensatory options to purchase shares of Medici’s common stock to certain persons, including Jonathan E. Johnson III, who serves as President of Medici and is a named executive officer of Overstock, to the Medici Ventures, Inc. Stock Option Plan (the “Plan”). The Plan provides for the grant of options covering up to 10% of the outstanding common stock of Medici to employees and directors of and consultants to Medici. The option grants to Mr. Johnson cover a total of 14,000 shares of common stock of Medici, representing 1.4% of Medici’s fully diluted shares, at an exercise price of $3.33 per share of common stock, and expire ten years after the date of grant. The options are subject to two vesting schedules, one of which provides for the vesting of options to acquire 5,000 shares on the one-year anniversary of the date of grant, and the second of which provides for the vesting over a three-year period of options to acquire an additional 9,000 shares, with one-third of such options vesting at the end of year one, one-third vesting at the end of year two, and one-third vesting at the end of year three, subject to the power of the Medici board of directors to accelerate the vesting schedules. The options cannot be exercised for any security issued by Overstock, and the Medici common stock, if issued, will not be convertible into or exchangeable for any security issued by Overstock.
Item 9.01 Financial Statement and Exhibits.
(d)Exhibits
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Exhibits |
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*10.1 |
Medici Ventures, Inc. 2017 Stock Option Plan |
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* Filed herewith.
OVERSTOCK.COM, INC ExhibitEX-10.1 2 ostk-20170801xexx101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1MEDICI VENTURES,…To view the full exhibit click here
About Overstock.com,Inc. (NASDAQ:OSTK)
Overstock.com, Inc. is an online retailer offering a range of merchandise, including furniture, home decor, bedding and bath, houseware, jewelry and watches, apparel and designer accessories, health and beauty products, electronics and computers, and sporting goods, among other products. The Company operates through two segments: direct business and partner business. Its direct business includes sales made to individual consumers and businesses. For the Company’s partner business, it sells merchandise from manufacturers, distributors and other suppliers. The Company also sells books, magazines, compact discs (CDs), digital versatile discs (DVDs) and video games under books, movies, music and games (BMMG) category. It sells these products through its Internet Websites located at www.overstock.com, www.o.co and www.o.biz. The Company offers approximately 877,000 non-BMMG products and 1.1 million BMMG products.