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The Westaim Corporation Announces Grants of Security-Based Compensation and Amendment to Long-Term Equity Incentive Plan
The Westaim Corporation (“ Westaim ” or the “ Company ”) anno...
About this update from Westaim Corporation
[{"type":"text","content":"The Westaim Corporation Announces Grants of Security-Based Compensation and Amendment to Long-Term Equity Incentive Plan\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n The Westaim Corporation (“\n \n Westaim\n \n ” or the “\n \n Company\n \n ”) announces that it has granted an aggregate of 1,578,258 stock options (the “\n \n Options\n \n ”) and 124,812 restricted share units (the “\n \n RSUs\n \n ”) under the Company’s long-term equity incentive plan (as amended and restated, the “\n \n LTIP\n \n ”).\n \n\n The Options were granted to certain officers of the Company’s affiliate, Ceres Life Insurance Company (“\n \n Ceres Life\n \n ”), and the RSUs were granted to an officer of Ceres Life.\n \n\n The Options have an exercise price equal to C$26.53 per common share, being the Market Price (as defined in the LTIP) on the date of grant. The Options are subject to time-based vesting and performance-based vesting conditions (including operational metric-based vesting and a price target-based vesting condition), all as more particularly described in the applicable award agreements.\n \n\n The Company also granted an aggregate of 124,812 RSUs to an officer of Ceres Life, which RSUs vest in tranches over a multi-year period based on a combination of time-based service vesting and, for a portion of the award, performance-based vesting tied to performance conditions to be established in good faith by the human resources and compensation committee of the board of directors of the Company for specified performance periods, in each case subject to continued service through the applicable vesting date.\n \n\n Pursuant to the requirements of the TSX Venture Exchange (the “\n \n TSXV\n \n ”), the Company also announces that it has amended the change of control provisions in the LTIP as they apply to future awards (including the awards contemplated herein), such that the acquisition of securities of the Company by CC Capital Partners, LLC or its affiliates require an 85%, instead of the “50%” ownership threshold for other parties, for the change of control provisions of the LTIP to be triggered.\n \n\n\n About Westaim\n \n\n\n Westaim is an integrated...