Venture Deals · glossary
Settling two debts against each other so that only the balance is paid. Meridian lent option holders their exercise price and recovered it by set-off against the price it owed them for their shares. Deed of Exchange, clause 2.2 · Chapter 12
Explained in Chapter 12, Employee Equity and the Option Plan, of Venture Deals.
The main page for this term is Set-off, in Civil Litigation.
The last words allowed a loan. Meridian lent each holder the exercise price of that holder's options, as the deed of exchange records (clause 2.2). Each loan was unsecured and interest-free. It was repaid only by set-off against the price Meridian owed that holder for the shares, so nobody wrote a cheque.Read Chapter 12, Employee Equity and the Option Plan →
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