Metaplanet CEO Defends Executive Option Plan Amid Controversy
Metaplanet's CEO Simon Gerovich has responded to controversy surrounding the company's Series 10 executive option plan. The plan, which was established in December 2022, allowed for automatic adjustments that led to an unintended outcome: dilution of existing shareholders.
The number of potential shares issued under the plan grew from 460,000 to 319,464,000 after Metaplanet removed the floating adjustment mechanism. Gerovich exercised 92,000 rights, receiving 64,032,000 shares subject to a five-year transfer restriction.
Shareholders have criticized the company for not adequately explaining the plan's structure and its connections to major shareholder MMXX Ventures. They also requested that Metaplanet cancel 273 million additional reward-pool shares publicly calculated by shareholder Bitcoin Pharaoh.