10|07|2009 07:56 pm EDT
Dark Blue Sea (ASX:DBS) has filed a document with the Australian Stock Exchange which shows details of the Domain Distribution Network deal with GoDaddy. GoDaddy had signed a 5 year agreement in 2008 and then canceled it as of August 13, 2009. Yesterday the companies announced that a new agreement had been found.
The new document reveals that the options agreement of the 5 year term contract was tied to performance goals. Go Daddy were issued 6.5 million performance options with an expiry date of 7 June 2013 and an exercise price of 65 cents per DBS share. The announcement continues:
Under the terms of the performance options agreement, Go Daddy is currently able to exercise 1.6 million of the 6.5 million performance options. As the original domain sales agreement has been terminated, the remainder of the options expired. The Company has not entered into a new performance option agreement.
GoDaddy will resume selling premium domains once the new agreement has been implemented. Dark Blue Sea states that it is too early to assess the potential financial implication of the new agreement.