Airdrie, Alberta--(Newsfile Corp. - March 14, 2022) - Vitreous Glass Inc. (TSXV: VCI) (the "Corporation") is pleased to announce that the Board of Directors (the "Board") amended its 10% rolling stock option plan (the "Option Plan") and adopted new deferred share unit plan (the "DSU Plan"), for the purposes of encouraging director and employee commitment and performance.
Amendments to Stock Option Plan
Pursuant to the new TSX Venture Exchange Policy 4.4 - Security Based Compensation, which became effective on November 24, 2021, the Board amended the Option Plan on January 26, 2022 and approved and ratified by the shareholders of the Corporation at the Corporation's Annual and Special Meeting of Common Shareholders on March 8, 2022 (the "AGM") to allow option holders to exercise options on a "Net Exercise" basis, subject to approval of the TSX Venture Exchange (the "TSXV").
Adoption of Deferred Share Unit Plan
The DSU Plan was conditionally approved by the TSXV on May 11, 2021 and approved and ratified by disinterested shareholders of the Corporation at the AGM. The maximum number of the Common Shares available for issuance under the DSU Plan is 314,814 Common Shares. The number of Common Shares issued or to be issued under the DSU Plan and the Option Plan at any time shall not exceed 20% of the total number of the issued and outstanding Common Shares. The deferred share units granted under the DSU Plan may only be redeemed upon a holder ceasing to be a director or an employee of the Corporation.
Additional details regarding the Option Plan and the DSU Plan are contained in the management information circular issued and filed on SEDAR in connection with the AGM.
For further information, please contact:
VITREOUS GLASS INC.
Pat Cashion, President
(403) 616-2773
Neither 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.
Not for Dissemination to the US or to US Newswires
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116776
