Business
Northern Graphite Announces Amended Stock Option Plan and DSU/RSU Plan and RSU Grants Under DSU/RSU Plan
Ottawa, Ontario--(Newsfile Corp. - December 20, 2022) - Northern Graphite Corporation (TSXV: NGC...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces Amended Stock Option Plan and DSU/RSU Plan and RSU Grants Under DSU/RSU PlanOttawa, Ontario--(Newsfile Corp. - December 20, 2022) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") announces that it has adopted an amended and restated stock option plan (the \"Amended Option Plan\") and a deferred share unit (\"DSU\") and restricted share unit (\"RSU\") compensation plan (the \"DSU/RSU Plan\"). The Amended Option Plan amends and restates the previously existing stock option plan of the Company in order to implement certain ‎changes required as a result of the implementation by the TSX Venture Exchange (the \"TSX-V\") of certain amendments to TSX-V Policy 4.4 - Security Based Compensation in November ‎‎2021 which set out a new framework for security-based compensation for issuers listed on the TSX-V. As a result of ‎the amendments, the Company amended and restated its previously existing stock option plan to make certain amendments ‎to make it compliant with TSX-V Policy 4.4. The Amended Option Plan is a \"rolling option plan\" under which stock options may be issued which are exercisable to acquire a maximum of 10% of the common shares of the Company which are issued and outstanding at the time of any grant. The Company currently has 121,315,522 common shares issued and outstanding. The Amended Option Plan as amended and restated was approved by the Company's shareholders at its annual and special meeting of shareholders held on November 21, 2022 (the \"Shareholders Meeting\") and has been accepted by the TSX-V.The DSU/RSU Plan is a new security-based compensation plan adopted by the Company. The DSU/RSU Plan is a fixed security-based compensation plan and the maximum number of common shares of the Company that may be issued to participants under the ‎DSU/RSU Plan is 12,036,052 shares, subject to customary adjustments as provided for in the DSU/RSU ‎Plan. The maximum aggregate number of common shares issuable to insiders of the Company (as a group) under the DSU/RSU Plan and the Amended Options Plan shall together collectively not exceed 10% of the issued and outstanding number of shares at any time.‎ The DSU/RSU Plan was approved by the Company's shareholders at the Shareholders Mee...