Tsx venture policy stock options

TMX TSX | TSXV - Toronto Stock Exchange and TSX Venture Exchange

 

tsx venture policy stock options

May 26,  · Canada: TSX Venture Exchange Implements Amendments to Incentive Stock Option Policy. Most of the amendments clarify and provide guidance on existing requirements and procedures. However, certain of the amendments contain new policies, including policies which permit the grant of options to charitable organizations. Capital Pool Company listing pursuant to Exchange Policy 2 stock options such transactions on TSX Venture, including the minimum issuance price of $ for shares and $ exercise price per share for warrants and incentive stock options. Aug 18,  · These stock options are exercisable at CDN $ each, which was the closing price on August 16, , and will all expire on August 17,


Tsx Venture Policy Stock Options


Most of the amendments clarify and provide guidance on existing requirements and procedures. However, certain of the amendments contain new policies, including policies which permit the grant of options to charitable organizations, and the extension of options if expiring during a "blackout period". There are also new policies relating to shareholder and TSXV approval requirements. The primary amendments are outlined below.

Grant of Options to Eligible Charitable Organizations Issuers are now permitted to grant stock options to eligible charitable organizations "Charitable Options"subject to certain conditions. Previously, Charitable Options could only be granted prior to or in connection with an issuer's initial public offering pursuant to Policy 4. A Charitable Option granted pursuant to Policy 4. However, the terms and conditions of a Charitable Option may not be amended or made subject to amendment after its grant other than to give effect to such anti-dilution provisions or to provide for the cancellation of the Charitable Option in order to enable the issuer to comply with the Limitation Provisions.

Charitable Options must expire after the earlier of i a date not more than 10 years from the grant date, and ii 90 days after the holder of the Charitable Option ceases to be an eligible charitable organization. Extension of Option if Expiring During a "Blackout Period" The TSXV has formalized its existing practice of permitting stock option plans to contain a provision allowing for the automatic extension to the expiry date of a stock option if such expiry date falls within a "blackout period".

The expiry date of any affected stock options can be extended by no more than 10 business days after the expiry of the blackout period. To qualify for the automatic extension of a stock option, an issuer must have formally imposed the blackout period pursuant to its internal trading policies resulting from the bona fide existence of undisclosed material information, tsx venture policy stock options.

The policy must provide that the blackout period expires upon the general disclosure of the undisclosed material information, tsx venture policy stock options. If an issuer has not formally imposed a blackout period, the expiry date of options will not be automatically extended under any circumstances. Finally, the automatic extension of options will not be permitted where the optionee or the issuer is subject to a cease trade order or similar order under securities laws in respect of the issuer's securities.

Shareholder Approval Requirements Policy 4. The TSXV will generally require shareholder approval of any amendment to a stock option plan that is not a persons eligible to be granted options under the plan; the maximum number or percentage, as the case may be, tsx venture policy stock options, of shares that may be reserved under the plan for issuance pursuant to the exercise of stock options; the limitations under the plan on the number of options that may be granted to any one person or any category of persons such as, for example, insiders of an issuer ; the method for determining the exercise price of options; the maximum term of options; and the expiry and termination provisions applicable to options.

Subject to certain requirements described below, the TSXV will generally permit the new or amended plan to be implemented prior to the requisite shareholder approval having been obtained and will generally permit the issuer to grant options under the new or amended stock option plan, provided, however, that the issuer also obtains specific shareholder approval for such grants and otherwise complies with the requirements of Policy 4.

Shareholder approval for the implementation or amendment of a stock option plan or the grant or amendment of stock options tsx venture policy stock options be given at a meeting of the shareholders after the implementation or amendment of the plan or the grant or amendment of options, provided that: i in the case of a new or amended plan, no options granted under the new tsx venture policy stock options amended plan are exercised; and ii in the case of the grant or amendment of options, tsx venture policy stock options, the options are not exercised before the meeting and that all relevant information concerning the approvals sought has been fully disclosed to the shareholders prior to the meeting.

Shareholder approval must be obtained no later than the earlier of the issuer's next annual meeting of shareholders and 12 months from the implementation or amendment of the plan or the grant or amendment of the option. If the requisite shareholder approval is not obtained: i in the case of a new plan, the new plan and all options granted thereunder will terminate; ii in the case of an amended plan, the amended plan will terminate the issuer will revert to its existing plan and any options that were granted under the amended plan that could not have been granted under the existing plan will terminate; iii in the case of an option grant, the granted options will terminate; and iv in the case of an amendment of options, the amendment will be of no force and effect.

The information circular of tsx venture policy stock options issuer to be provided to shareholders in respect of a meeting of the shareholders at which the approval of a stock option plan or the grant or amendment of a stock option will be sought must disclose the particulars of the plan or the option grant or amendment in sufficient detail to permit shareholders to form a reasoned judgment concerning the acceptability of the plan or the option grant or amendment, tsx venture policy stock options.

Policy 4. If disinterested shareholder approval is required, the identities of the applicable insiders, the number of options held by each such insider, the current exercise price and the proposed exercise price may be required to be disclosed in the issuer's information circular.

TSXV acceptance is now also required for any amendment to tsx venture policy stock options stock option tsx venture policy stock options. Where shareholder approval for a stock option plan or amendment to a stock option plan is required, acceptance of the stock option plan by the TSXV will be conditional upon the issuer providing evidence of the requisite shareholder approval. Footnotes 1. Available at www. Specialist advice should be sought about tsx venture policy stock options specific circumstances.

 

Toronto Stock Exchange - Company Manual

 

tsx venture policy stock options

 

Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV): where ideas and innovation meet capital Listing With Us The Exchanges have provided companies with access to . Capital Pool Company listing pursuant to Exchange Policy 2 stock options such transactions on TSX Venture, including the minimum issuance price of $ for shares and $ exercise price per share for warrants and incentive stock options. May 26,  · Canada: TSX Venture Exchange Implements Amendments to Incentive Stock Option Policy. Most of the amendments clarify and provide guidance on existing requirements and procedures. However, certain of the amendments contain new policies, including policies which permit the grant of options to charitable organizations.