Examples of TSX Manual in a sentence
The exercise price of an option and the deemed issuance price of bonus shares may not be set at less than the market price as defined in the TSX Manual which currently means the volume weighted average trading price for the five trading days immediately preceding the grant date.
To address this change in the TSX Manual and the TSX Staff Notice, the Corporation is proposing to amend Section 11 of the ESOP to provide a more specific amendment provision, as set forth below in the text of the ordinary resolutions.
The annual burn rate under the Plan (calculated in accordance with Section 613(p) of the TSX Manual) for each of the Company’s last three (3) completed fiscal years was:2017 – 5.13%2016 – 3.55%2015 – 4.62%There is no maximum percentage of common shares which may be issued to insiders of the Company.
By amending the amendment provisions of the Plan in the foregoing manner, the Corporation will be bringing the Plan into alignment with the new rules of the TSX provided for in section 613 of the revised TSX Manual.
The reasons for the proposed amendments are as follows: Section 11 — Amendment (Specific Amendment Provision) The TSX introduced several changes to the TSX Company Manual (the "TSX Manual") effective January 1, 2005, including a provision in Section 613(d) of the TSX Manual to the effect that shareholder approval is required for any amendment to a security-based compensation arrangement unless the arrangement includes an amendment provision.
Since the Plan contains restrictions to ensure the limits specified in paragraph 630 of the TSX Manual are not exceeded, insiders and their associates will be permitted to vote on the proposed resolution, provided the resolution is not further amended to remove the proposed restrictions.
The Option Plan Administrator shall also be responsible for reporting to the TSX that an Option granted, exercised or cancelled as contemplated in subsection 613(i) of the TSX Manual or any successor provision thereof.
Term of the Plan The TSX Manual has removed the requirement that a term of an option plan and options granted thereunder cannot exceed ten years.
For purposes of this Section, the term “security based compensation arrangements” has the meaning set forth in the TSX Manual.
Finally, the aggregate number of Common Shares which may be reserved for issuance under the Share Compensation Arrangements, must not, within any one year period be issued, or at any time under such arrangements be issuable, to insiders of the Company (as defined in the TSX Manual) in an amount exceeding 10% of the Company’s total issued and outstanding securities.