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Cathedral Energy Services announces amendment to option plan at special meeting for conversion to a growth-oriented corporation
Cathedral Energy Services announces amendment to option plan at special meeting for conversion to...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\nDec. 14, 2009 (Canada NewsWire Group) -- CALGARY, Dec. 14 /CNW/ -- Cathedral Energy Services Income Trust (the \"Trust\" - TSX: CET.UN) announces that the Board of Trustees have approved amendments to the incentive stock option plan (the \"Option Plan\") that unitholders will be asked to approve in connection with the proposed plan of arrangement for the conversion of the Trust to a growth-oriented corporation (the \"Arrangement\") at the special meeting of the Trust's unitholders scheduled for 9:00 a.m. on Friday, December 18, 2009 in the Royal Meeting Room of the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta.The Option Plan has been amended as follows:- to include a new provision which will provide that the number ofcommon shares of the Corporation (\"Shares\") reserved for issue underoptions granted to non-employee directors of the corporation belimited to 1% of the Shares outstanding from time to time;- to include a new provision which will provide for a maximum annualequity grant to non-employee directors of the Corporation to belimited to $100,000 per non-employee director as calculated under theBlack-Scholes pricing model of share options granted during the year;and- to provide that approval of the shareholders of the Corporation willbe required to effect any amendment of the Option Plan which mayreduce the exercise or purchase price of any options held by anyperson, regardless of whether such person is an insider of theCorporation; extend the term any options held by any person,regardless of whether such person is an insider of the Corporation;permit options to become transferrable or assignable, other than fornormal estate planning purposes; or amend the amendment provisions ofthe Plan.The amendments will result in RiskMetrics revising its recommendation to a \"FOR\" vote in connection with the resolution on the option plan%SEDAR: 00018316E\n\n\n\n","length":2227,"tagName":"div"}]