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ARTICLE · 29 DECEMBER 2021

TSXV Security Based Compensation Policies: New Flexibility And Potential M&A Risk

Borden Ladner Gervais LLP
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On November 24, 2021, the TSX Venture Exchange (the TSXV or the Exchange) issued a bulletin outlining significant amendments to its policies regarding security based compensation (the Amendments).

CanadaCorporate/Commercial Law
Graeme Martindale
Graeme Martindale
Breanne Lehodey
Breanne Lehodey
Breanna Chesley
Breanna Chesley
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On November 24, 2021, the TSX Venture Exchange (the TSXV or the Exchange) issued a bulletin outlining significant amendments to its policies regarding security based compensation (the Amendments).

What you need to know

  • The Amendments expand the Exchange's previous policies, which governed incentive stock options only, to address additional types of security-based compensation, and provide greater flexibility with respect to the categories of plans that may be adopted and how issuers can structure securities based compensation arrangements generally.
  • The Exchange has changed the timing for its review of a plan's adjustment provisions.
  • The Amendments came into effect on November 24, 2021 through the amendment of TSXV Policy 4.4 – Incentive Stock Options (the Former Policy) from May 8, 2013, which has been amended and renamed TSXV Policy 4.4 – Security Based Compensation (the New Policy), and will govern the security-based compensation policies of all

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