Business
Allen-Vanguard to hold Special Meeting on Amended Stock-based Compensation Plans
Allen-Vanguard to hold Special Meeting on Amended Stock-based Compensation Plans.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nRevised plans designed to meet ISS recommended metrics\n\n\nOTTAWA, Sept. 12 /CNW Telbec/ - At its special meeting of shareholders to\nbe held at 10:00 am Friday, September 21, 2007 in Ottawa, Allen-Vanguard\nCorporation (TSX:VRS) ("Allen-Vanguard" or the "Company") will be submitting\nfor approval certain revisions and updates to its Stock Option Plan as\ndescribed in the Information Circular for the meeting and as further\nsupplemented in this press release.\n\n\nIn order to ensure that the amended Stock Option Plan and the proposed\nNon-Employee Directors Option Plan and Restricted Stock Unit Plan of\nAllen-Vanguard meets the recommended metrics of Institutional Shareholder\nServices (ISS), it is proposed that amending resolutions be introduced at the\nSpecial Meeting to provide for the following which supplements information in\nthe Information Circular dated August 14, 2007:\n\n\n1. a change to the proposed percentage based plan, or "rolling plan",\n which will permit the Corporation to grant options to purchase common\n shares from time to time provided that the number of common shares\n reserved for issuance pursuant to outstanding options does not exceed\n 7% of the total number of shares of the Corporation issued and\n outstanding at the date of any grant made thereunder;\n\n2. a proposed Non-Employee Directors' Stock Option Plan which would\n contain the same terms as the Stock Option Plan, including the\n proposed amendments, except that participation would be limited to\n non-employee directors of the Corporation and the maximum number of\n common shares that may be reserved under the plan would be 1% of the\n total number of issued and outstanding common shares at the time of\n any grant thereunder;\n\n3. a proposed Restricted Stock Unit ("RSU") Plan under which the maximum\n number of common shares that may be reserved for issuance in\n connection with RSU awards is 1,800,000, representing 3.06% of the\n issued and outstanding common shares as of the date of the Information\n Circular.. This would not be a "rolling" plan.\n\n\nManagement believes that the implementation of these amendments and new\nplans will further align the interests of directors, officers and employees\nwith those of the shareholders. In addition, it will assist the Corporation to\nconse...