In November 2021, the TSX Venture Exchange (the
"Exchange") announced a significant
overhaul of its policy on equity incentive plans. The new policy,
Policy 4.4 – Security Based Compensation (the
"New Policy") replaced the old Policy
4.4 – Incentive Stock Options (the
"Former Policy") effective as of
November 24, 2021.
With many annual shareholders' meetings approaching, issuers
listed on the Exchange should consider whether their equity
incentive plans need to be amended in light of the changes
reflected in the New Policy.
Any equity incentive plan that is put before shareholders for
approval after November 23, 2021 is required to be compliant with
the New Policy, including existing rolling equity incentive plans
being considered annually by shareholders.
