OTHERS HAVE WALKED THIS PATH OF 10%
Adoption of New 10% Rolling Stock Option Plan
November 03, 2010 6:06pm Comments
(via COMTEX News Network)--
Trillium North Minerals Ltd. (TNM - TSX Venture), announces that shareholder approval was received at its Annual General Meeting held October 7, 2010 for the adoption of a 10% Stock Option Plan (the "New Plan"), which replaces the Company's former 20% stock option plan (the "Former Plan").The TSX Venture Exchange approved the New Plan on November 2, 2010.
Pursuant to the New Plan, the maximum number of common shares that may be reserved for issuance under outstanding stock options will be 10% of the Company's issued and outstanding common shares, from time to time, as constituted on the date of any grant of options under the New Plan.Under the New Plan, options will be exercisable over periods of up to 10 years as determined by the Board of Directors and are required to have an exercise price no less than the closing market price of the Company's shares on the trading day immediately preceding the day on which the Company announces the grant of options (or, if the grant is not announced, the closing market price prevailing on the day that the option is granted), less the applicable discount, if any, permitted by the policies of the Exchange and approved by the Board of Directors.In addition, the number of shares which may be reserved for issuance to any one individual may not exceed (without shareholder approval) 5% of the issued shares on a yearly basis or 2% if the optionee is engaged in investor relations activities or is a consultant.The New Plan contains no vesting requirements, but permits the Board of Directors to specify a vesting schedule in its discretion.
All options governed by the former Plan that were outstanding as of the date of implementation of the New Plan (the "Existing Options") count against the number of shares reserved for issuance under the New Plan as long as such options remain outstanding.All Existing Options are now governed by the New Plan; however, any vesting schedule imposed by the Former Plan in respect of the Existing Options will remain in full force and effect.
ON BEHALF OF THE BOARD
Elliot Strashin, President
For more information, please contact:
Elliot Strashin
President,
Trillium North Minerals Ltd.
(416) 504-0077 phone
(416) 504-6019 fax
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Trillium North Minerals Ltd
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