Examples of Option Plan Amendment in a sentence
Stock Option Plan Amendment Process Shareholder approval is required in respect of any amendment to the SOP that would: 1.
Vote Required In order to be effective, the Option Plan Amendment Resolution must be approved by a simple majority of 50% plus one vote of the votes cast by the Shareholders in respect thereof at the Meeting.
In the absence of a contrary instruction, the persons named in the enclosed form of proxy intend to vote in favour of the Option Plan Amendment Resolution, unless the Shareholder who has given the proxy has directed that the Shares represented thereby be voted against such resolution.
Item 4 on the Proxy Card) On June 23, 1999, the Board of Directors unanimously adopted a resolution to approve the Option Plan Amendment to the 1997 Stock Option Plan (as so amended, the "1997 Plan" unless the context otherwise dictates) to increase the capacity of the 1997 Plan from 150,000 shares to 1,300,000 shares of Class A Common Stock, subject to shareholder approval, in order to be able to provide equity incentives to employees.
The Board recommends a vote FOR each of the nominees, FOR the approval of the Preferred Stock Amendment, FOR the approval of the Articles Amendment, and FOR the Option Plan Amendment.
Accordingly, Excellon shareholders will be asked to consider and, if deemed appropriate, to pass, with or without variation the “Stock Option Plan Amendment and Unallocated Entitlements Resolution”, subject to such amendments, variations or additions as may be approved at the Meeting, approving the Unallocated Entitlements under the Corporation’s Stock Option Plan for the ensuing three years.
Awards granted under the 1997 Plan and in excess of the existing limit prior to the Annual Meeting are subject to shareholder approval of the Option Plan Amendment.
Previously allocated options will continue to be unaffected by the approval or disapproval of the Stock Option Plan Amendment and Unallocated Entitlements Resolution.
To the Company’s knowledge, all shares of Common Stock, Series B Preferred Stock and Series E Preferred Stock outstanding on the record date for a meeting at which a vote is taken with respect to the Company Voting Proposals shall be eligible to vote on the Charter Amendment and the Option Plan Amendment and all shares outstanding other than those issued to the Investor at the Initial Closing shall be eligible to vote on the Share Issuance.
After giving effect to the Stock Option Plan Amendment, the Corporation would have an aggregate of 2,750,000 common shares available for issuance (of which 1,347,500 would be reserved for options to be granted in the future and of which 1,402,500 are reserved for options previously granted), representing approximately 7% of the issued and outstanding common shares as of the date of this Circular.