Nevada
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000-52645
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20-4119257
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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·
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the maximum number shares of our common stock subject to a stock option to a holder who is a Consultant (as defined by the policies of the TSX Venture Exchange) is limited to an amount equal to 2% of the then issued and outstanding shares of our common stock (on a non-diluted basis) in any 12 month period;
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·
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the number of stock options granted to all persons in aggregate who are employed to perform Investor Relations Activities (as defined by the policies of the TSX Venture Exchange) is limited to an amount equal to 2% of the then issued and outstanding shares of our common stock (on a non-diluted basis) in any 12 month period, provided that such stock options vest in stages over a 12 month period with no more than 1/4 of the stock options vesting in any 3 month period;
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·
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the exercise price of the shares of our common stock covered by each stock option must be determined by the plan administrator (currently our board of directors) and the exercise price must not be less than the price permitted by the TSX Venture Exchange or other regulatory body having jurisdiction and a minimum exercise price must not be established unless the stock options are allocated to particular persons and we must not grant stock options unless and until the stock options have been allocated to a particular person or persons;
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·
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an optionee must either be an Eligible Charitable Organization or a Director, Employee or Consultant (as defined by the policies of the TSX Venture Exchange) of our company or a subsidiary of our company at the time of grant of the stock options, except as otherwise provided by the polices of the TSX Venture Exchange and, for stock options granted to Employees, Consultants or Management Company Employees (as defined by the policies of the TSX Venture Exchange), we must ensure that the optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be;
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·
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except in relation to Consultant Companies (as defined by the policies of the TSX Venture Exchange), the stock options may be granted only to an individual or to a company that is wholly owned by individual eligible for a grant of a stock option;
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·
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stock options granted to optionees engaged in Investor Relations Activities (as defined by the policies of the TSX Venture Exchange) on behalf of our company must expire 30 days after such optionees cease to perform such Investor Relations Activities for our company;
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·
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the exercise price of a stock option must be paid in cash;
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·
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unless disinterested shareholder approval is obtained, under no circumstances will the plan, together with all of our other previously established and outstanding stock option plans or grants, result in:
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·
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Item 9.01
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Financial Statements and Exhibits.
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3.1
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10.1
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1.1 |
Registered Office.........................................................................................................................................................................1
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1.2 |
Principal Executive Office............................................................................................................................................................1
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1.3 |
Change of Location......................................................................................................................................................................1
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1.4 |
Other Offices................................................................................................................................................................................1
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2.1 |
Place of Meetings.........................................................................................................................................................................1
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2.2 |
Annual Meetings..........................................................................................................................................................................1
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2.3 |
Special Meetings..........................................................................................................................................................................1
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2.4 |
Notice of Shareholders’ Meetings................................................................................................................................................2
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2.5 |
Manner of Giving Notice; Affidavit of Notice...............................................................................................................................2
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2.6 |
Adjourned Meetings and Notice Thereof.....................................................................................................................................2
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2.7 |
Voting at Meetings of Shareholders.............................................................................................................................................2
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2.8 |
Record Date for Shareholder Notice, Voting and Giving Consents..............................................................................................3
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2.9 |
Quorum........................................................................................................................................................................................4
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2.10 |
Waiver of Notice or Consent by Absent Shareholders.................................................................................................................4
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2.11 |
Shareholder Action by Written Consent Without Meeting..........................................................................................................4
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2.12 |
Proxies..........................................................................................................................................................................................5
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2.13 |
Inspectors of Election...................................................................................................................................................................5
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3.1 |
Powers..........................................................................................................................................................................................6
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3.2 |
Number and Qualification of Directors........................................................................................................................................6
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3.3 |
Election and Term of Office.........................................................................................................................................................6
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3.4 |
Vacancies.....................................................................................................................................................................................6
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3.5 |
Removal of Directors...................................................................................................................................................................7
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3.6 |
Resignation of Directors..............................................................................................................................................................7
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3.7 |
Place of Meeting..........................................................................................................................................................................7
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3.8 |
Annual Meeting...........................................................................................................................................................................7
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3.9 |
Special Meetings..........................................................................................................................................................................8
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3.10 |
Adjournment................................................................................................................................................................................8
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3.11 |
Notice of Adjournment................................................................................................................................................................8
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3.12 |
Waiver of Notice..........................................................................................................................................................................8
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3.13 |
Quorum and Voting......................................................................................................................................................................8
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3.14 |
Fees and Compensation...............................................................................................................................................................9
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3.15 |
Action Without Meeting...............................................................................................................................................................9
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3.16 |
Duty of Care of Directors and Officers.........................................................................................................................................9
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4.1 |
Number; Term of Office................................................................................................................................................................9
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4.2 |
Removal......................................................................................................................................................................................10
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4.3 |
Resignation.................................................................................................................................................................................10
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4.4 |
Chairman of the Board...............................................................................................................................................................10
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4.5 |
President.....................................................................................................................................................................................10
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4.6 |
Vice Presidents...........................................................................................................................................................................10
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4.7 |
Treasurer....................................................................................................................................................................................10
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4.8 |
Secretary.....................................................................................................................................................................................10
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4.9 |
Assistant Treasurers and Assistant Secretaries..........................................................................................................................11
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4.10 |
Additional Matters......................................................................................................................................................................11
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5.1 |
Share Certificates.......................................................................................................................................................................11
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5.2 |
Transfer of Shares......................................................................................................................................................................11
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5.3 |
Lost or Destroyed Certificate.....................................................................................................................................................11
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5.4 |
Consideration for Shares............................................................................................................................................................12
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5.5 |
Value of Consideration...............................................................................................................................................................12
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5.6 |
Directors Obligations..................................................................................................................................................................12
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6.1 |
Committees................................................................................................................................................................................12
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7.1 |
Agents, Proceedings and Expenses............................................................................................................................................13
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7.2 |
Indemnification..........................................................................................................................................................................13
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7.3 |
Insurance....................................................................................................................................................................................13
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8.1 |
Shareholders’ Right to Dissent...................................................................................................................................................13
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8.2 |
Further Right...............................................................................................................................................................................14
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8.3 |
If One Class of Shares.................................................................................................................................................................14
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8.4 |
Payment for Shares.....................................................................................................................................................................14
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8.5 |
No Partial Dissent.......................................................................................................................................................................14
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8.6 |
Objection....................................................................................................................................................................................14
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8.7 |
Notice of Resolution...................................................................................................................................................................14
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8.8 |
Demand for Payment..................................................................................................................................................................14
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8.9 |
Share Certificate.........................................................................................................................................................................15
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8.10 |
Forfeiture....................................................................................................................................................................................15
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8.11 |
Endorsing Certificate..................................................................................................................................................................15
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8.12 |
Suspension of Rights..................................................................................................................................................................15
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8.13 |
Offer to Pay................................................................................................................................................................................15
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8.14 |
Same Terms................................................................................................................................................................................16
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8.15 |
Payment......................................................................................................................................................................................16
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8.16 |
Corporation May Apply to Court.................................................................................................................................................16
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8.17 |
Shareholder Application to Court...............................................................................................................................................16
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8.18 |
Venue.........................................................................................................................................................................................16
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8.19 |
No Security For Costs.................................................................................................................................................................16
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8.20 |
Parties........................................................................................................................................................................................16
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8.21 |
Powers of Court..........................................................................................................................................................................17
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8.22 |
Appraisers...................................................................................................................................................................................17
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8.23 |
Final Order..................................................................................................................................................................................17
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8.24 |
Interest.......................................................................................................................................................................................17
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8.25 |
Notice that Section 8.27 Applies................................................................................................................................................17
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8.26 |
Effect Where Section 8.27 Applies.............................................................................................................................................17
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8.27 |
Limitation....................................................................................................................................................................................17
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9.1 |
Checks, Drafts, Evidence of Indebtedness.................................................................................................................................18
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9.2 |
Contracts, Etc., How Executed...................................................................................................................................................18
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9.3 |
Representation of Shares of Other Corporations.......................................................................................................................18
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9.4 |
Suspension of Certain Rights.....................................................................................................................................................18
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10.1 |
Amendment by Shareholders.....................................................................................................................................................18
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10.2 |
Amendment by Directors...........................................................................................................................................................19
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(a)
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in the case of determination of shareholders entitled to vote at any meeting of shareholders or adjournment thereof, shall, unless otherwise required by law, not be less than ten (10) or more than sixty (60) days before the date of such meeting;
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(b)
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in the case of determination of shareholders entitled to express consent to corporate action in writing without a meeting, shall not be more than ten (10) days from the date upon which the resolution fixing the record date is adopted by the Board; and
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(c)
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in the case of any other action, shall not be more than sixty (60) days prior to such other action.
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(a)
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the record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the date next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held;
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(b)
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the record date for determining shareholders entitled to express consent to corporate action in writing without a meeting when no prior action of the Board is required by law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board is required by law, shall be at the close of business on the day on which the Board adopts the resolution taking such prior action; and
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(c)
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the record date for determining shareholders for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.
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(a)
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revoked by the person executing it, before the vote pursuant to that proxy, by a writing delivered to the Corporation stating that the proxy is revoked, or by a subsequent proxy executed by, or as to any meeting by attendance at the meeting and voting in person by, the person executing the proxy; or
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(b)
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written notice of the death or incapacity of the maker of that proxy is received by the Corporation before the vote pursuant to that proxy is counted;
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(a)
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determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, and the authenticity, validity and effect of proxies;
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(b)
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receive votes, ballots or consents;
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(c)
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hear and determine all challenges and questions in any way arising in connection with the right to vote;
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(d)
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count and tabulate all votes or consents;
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(e)
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determine when the polls shall close;
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(f)
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determine the result; and
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(g)
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do any other acts that may be proper to conduct the election or vote with fairness to all shareholders.
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(a)
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act honestly and in good faith with a view to the best interests of the Corporation; and
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(b)
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exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
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(a)
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amend its Articles of Incorporation or these by-laws to add, change or remove any provisions restricting or constraining the issue, transfer or ownership of shares of any class of the Corporation;
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(b)
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amend its Articles of Incorporation or these by-laws to add, change or remove any restriction on the business or businesses that the Corporation may carry on;
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(c)
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merge with another corporation unless such merger does not require approval from the shareholders of the Corporation;
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(d)
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be continued or migrated to another jurisdiction;
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(e)
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sell, lease or exchange all or substantially all its property; or
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(f)
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carry out a going-private transaction or a squeeze-out transaction.
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(a)
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the shareholder’s name and address;
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(b)
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the number and class of shares in respect of which the shareholder dissents; and
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(c)
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a demand for payment of the fair value of such shares.
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(a)
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the dissenting shareholder withdraws that notice before the Corporation makes an offer under Section 8.13;
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(b)
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the Corporation fails to make an offer in accordance with Section 8.13 and the shareholder withdraws the notice; or
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(c)
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the directors revoke or do not proceed with the resolution or action which resulted in the shareholder having a right to dissent under this Article;
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(a)
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a written offer to pay for their shares in an amount considered by the Board to be the fair value, accompanied by a statement showing how the fair value was determined; or
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(b)
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if Section 8.27 applies, a notification that it is unable lawfully to pay dissenting shareholders for their shares.
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(a)
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all dissenting shareholders whose shares have not been purchased by the Corporation shall be joined as parties and are bound by the decision of the court; and
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(b)
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the Corporation shall notify each affected dissenting shareholder of the date, place and consequences of the application and of their right to appear and be heard in person or by counsel.
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8.25
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8.26
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Effect Where Section 8.27 Applies
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(a)
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withdraw their notice of dissent, in which case the Corporation is deemed to consent to the withdrawal and the shareholder is reinstated to their full rights as a shareholder; or
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(b)
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retain a status as a claimant against the Corporation, to be paid as soon as the Corporation is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of the Corporation but in priority to its shareholders.
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(a)
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the Corporation is or would after the payment be unable to pay its liabilities as they become due; or
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(b)
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the realizable value of the Corporation’s assets would thereby be less than the aggregate of its liabilities.
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1.
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PURPOSE
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(a)
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no Options may be granted during any suspension of the Plan or after termination of the Plan; and
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(b)
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any amendment, suspension or termination of the Plan will not affect Options already granted, and such Options will remain in full force and effect as if the Plan had not been amended, suspended or terminated, unless mutually agreed otherwise between the Optionee (as defined below) and the Plan Administrator, which agreement will have to be in writing and signed by the Optionee and the Company.
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(a)
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construe and interpret this Plan;
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(b)
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define the terms used in the Plan;
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(c)
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prescribe, amend and rescind the rules and regulations relating to this Plan;
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(d)
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correct any defect, supply any omission or reconcile any inconsistency in this Plan;
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(e)
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grant Options under this Plan;
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(f)
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determine the individuals to whom Options shall be granted under this Plan and whether the Option is an Incentive Stock Option or a Non-Qualified Stock Option, or otherwise;
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(g)
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determine the time or times at which Options shall be granted under this Plan;
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(h)
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determine the number of shares of Common Stock subject to each Option, the exercise price of each Option, the duration of each Option and the times at which each Option shall become exercisable;
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(i)
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determine all other terms and conditions of the Options; and
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(j)
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make all other determinations and interpretations necessary and advisable for the administration of the Plan.
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(a)
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Number of Shares and Type of Option
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(i)
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in the absence of action to the contrary by the Plan Administrator in connection with the grant of an Option, all Options shall be Non-Qualified Stock Options;
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(ii)
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the aggregate fair market value (determined at the Date of Grant, as defined below) of the stock with respect to which Incentive Stock Options are exercisable for the first time by an Optionee subject to tax in the United States during any calendar year (granted under this Plan and all other Incentive Stock Option plans of the Company, a Related Company or a predecessor company) shall not exceed U.S.$100,000, or such other limit as may be prescribed by the Code as it may be amended from time to time (the “Annual Limit”); and
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(iii)
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any portion of an Option which exceeds the Annual Limit shall not be void but rather shall be a Non-Qualified Stock Option.
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(c)
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Option Price
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(i)
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the per share exercise price for an Incentive Stock Option or any Option granted to a “covered employee” as such term is defined for purposes of Section 162(m) of the Code (“Covered Employee”) shall not be less than the fair market value per share of the Common Stock at the Date of Grant as determined by the Plan Administrator in good faith;
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(ii)
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with respect to Incentive Stock Options granted to greater-than-ten percent (>10%) shareholders of the Company (as determined with reference to Section 424(d) of the Code), the exercise price per share shall not be less than one hundred ten percent (110%) of the fair market value per share of the Common Stock at the Date of Grant as determined by the Plan Administrator in good faith;
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(iii)
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Options granted in substitution for outstanding options of another company in connection with the merger, consolidation, acquisition of property or stock or other reorganization involving such other company and the Company or any subsidiary of the Company may be granted with an exercise price equal to the exercise price for the substituted option of the other company, subject to any adjustment consistent with the terms of the transaction pursuant to which the substitution is to occur; and
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(iv)
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with respect to Non-Qualified Stock Options, the exercise price per share shall be determined by the Plan Administrator at the time the Option is granted.
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(e)
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Vesting Schedule
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(i)
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Options that have vested as specified by the Plan Administrator or in accordance with this Plan, shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events, except as provided for in the Agreement:
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A.
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the expiration of the Option, as designated by the Plan Administrator in accordance with Section 5.1(d) above;
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B.
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the date of an Optionee’s termination of employment or contractual relationship with the Company or any Related Company for cause (as determined in the sole discretion of the Plan Administrator);
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C.
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the expiration of three (3) months from the date of an Optionee’s termination of employment or contractual relationship with the Company or any Related Company for any reason whatsoever other than cause, death or Disability (as defined below); or
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D.
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the expiration of one year from termination of an Optionee’s employment or contractual relationship by reason of death or Disability (as defined below);
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(ii)
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Upon the death of an Optionee, any vested Options held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution of the Optionee’s domicile at the time of death and only until such Options terminate as provided above.
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(iii)
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For purposes of the Plan, unless otherwise defined in the Agreement, “Disability” shall mean medically determinable physical or mental impairment which has lasted or can be expected to last for a continuous period of not less than six (6) months or that can be expected to result in death. The Plan Administrator shall determine whether an Optionee has incurred a Disability on the basis of medical evidence acceptable to the Plan Administrator. Upon making a determination of Disability, the Plan Administrator shall, for purposes of the Plan, determine the date of an Optionee’s termination of employment or contractual relationship.
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(iv)
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Unless accelerated in accordance with Section 5.1(f) above or as provided for in the Agreement, unvested Options shall terminate immediately upon the Optionee resigning from or the Company terminating the Optionee’s employment or contractual relationship with the Company or any Related Company for any reason whatsoever, including death or Disability.
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(v)
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For purposes of this Plan, transfer of employment between or among the Company and/or any Related Company shall not be deemed to constitute a termination of employment with the Company or any Related Company. For purposes of this subsection, employment shall be deemed to continue while the Optionee is on military leave, sick leave or other bona fide leave of absence (as determined by the Plan Administrator). The foregoing notwithstanding, employment shall not be deemed to continue beyond the first ninety (90) days of such leave, unless the Optionee’s re-employment rights are guaranteed by statute or by contract.
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(h)
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Exercise of Options
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(i)
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Options shall be exercisable, in full or in part, at any time after vesting, until termination. If less than all of the shares included in the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of the Option term. No portion of any Option for less than fifty (50) shares (as adjusted pursuant to Section 5.1(m) below) may be exercised; provided, that if the vested portion of any Option is less than fifty (50) shares, it may be exercised with respect to all shares for which it is vested. Only whole shares may be issued pursuant to an Option, and to the extent that an Option covers less than one (1) share, it is unexercisable.
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(ii)
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Options or portions thereof may be exercised by giving written notice to the Company, which notice shall specify the number of shares to be purchased, and be accompanied by payment in the amount of the aggregate exercise price for the Common Stock so purchased, which payment shall be in the form specified in Section 5.1(i) below. The Company shall not be obligated to issue, transfer or deliver a certificate of Common Stock to the Holder of any Option, until provision has been made by the Holder, to the satisfaction of the Company, for the payment of the aggregate exercise price for all shares for which the Option shall have been exercised and for satisfaction of any tax withholding obligations associated with such exercise.
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(iii)
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During the lifetime of an Optionee, Options are exercisable only by the Optionee or in the case of a Non-Qualified Stock Option, transferee who takes title to such Option in the manner permitted by subsection 5.1(k) hereof.
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(i)
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by delivering to the Company shares of Common Stock previously held by such Holder, or by the Company withholding shares of Common Stock otherwise deliverable pursuant to exercise of the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to the aggregate exercise price to be paid by the Optionee upon such exercise; or
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(ii)
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by complying with any other payment mechanism approved by the Plan Administrator at the time of exercise.
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(j)
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No Rights as a Shareholder
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(i)
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Options granted under this Plan and the rights and privileges conferred by this Plan may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or by applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process; provided however that, subject to the Applicable Laws, the Optionee’s heirs or administrators may exercise any portion of the outstanding vested Options within one year of the Optionee’s death.
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(ii)
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Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by this Plan contrary to the provisions hereof, or upon the sale, levy or any attachment or similar process upon the rights and privileges conferred by this Plan, such Option shall thereupon terminate and become null and void.
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(l)
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Securities Regulation and Tax Withholding
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(i)
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Options shall not be granted and shares shall not be issued with respect to Options unless the grant of such Options, the exercise of such Options and the issuance and delivery of such shares shall comply with all Applicable Laws. The inability of the Company to obtain from any regulatory body the authority deemed by the Company to be necessary for the lawful grant, issuance and sale of any Options or shares under this Plan, or the unavailability of an exemption from registration for the grant, issuance and sale of any Options or shares under this Plan, determined by the Plan Administrator in its sole discretion, shall relieve the Company of any liability with respect to the non-grant, issuance or sale of such Options or shares.
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(ii)
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As a condition to the exercise of an Option, the Plan Administrator may require the Holder to represent and warrant in writing at the time of such exercise that the shares are being purchased only for investment and without any then-present intention to sell or distribute such shares. At the option of the Plan Administrator, a stop-transfer order against such shares may be placed on the stock books and records of the Company, and a legend indicating that the stock may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such shares in order to assure an exemption from registration. The Plan Administrator also may require such other documentation or legend as may from time to time be necessary to comply with federal, provincial or state securities laws. THE COMPANY HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF OPTIONS OR THE SHARES OF STOCK ISSUABLE UPON THE EXERCISE OF OPTIONS.
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A.
|
by delivering to the Company shares of Common Stock previously held by such Holder or by the Company withholding shares of Common Stock otherwise deliverable pursuant to the exercise of the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to any withholding tax obligations arising as a result of such exercise, transfer or other disposition; or
|
B.
|
by complying with any other payment mechanism approved by the Plan Administrator from time to time.
|
(iv)
|
The grant of Options and entering into any Agreement with respect to Options or the issuance, transfer or delivery of certificates of Common Stock pursuant to the exercise of Options may be delayed, at the discretion of the Plan Administrator, until the Plan Administrator is satisfied that the applicable requirements of the federal, provincial and state securities laws and the withholding provisions under Applicable Laws have been met and that the Holder has paid or otherwise satisfied any withholding tax obligation as described in paragraph 5.1(l)(iii) above.
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(i)
|
If: (1) the Company shall at any time be involved in a transaction described in Section 424(a) of the Code (or any successor provision) or any “corporate transaction” described in the regulations thereunder; (2) the Company shall declare a dividend payable in, or shall subdivide, reclassify, reorganize, or combine, its Common Stock; or (3) any other event with substantially the same effect shall occur, the Plan Administrator shall, subject to applicable law, with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock subject to such Option and/or the exercise price per share so as to preserve the rights of the Holder substantially proportionate to the rights of the Holder prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock subject to outstanding Options, the number of shares available under Section 4 of this Plan and the exercise price for such Options shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Plan Administrator, the Company, the Company’s shareholders, or any Holder, so as to preserve the proportional rights of the Holder.
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(ii)
|
For greater certainty, the exercise price for any Options and the number of shares of Common Stock deliverable upon the exercise of the Options will be subject to adjustment in the case of any capital reorganization or of any reclassification of the capital of the Company, or in the case of the consolidation, merger or amalgamation of the Company with or into any other company (hereinafter collectively referred to as a “Reorganization”), each Option will, after such Reorganization, confer the right to purchase the number of shares of Common Stock or other securities of the Company (or of the company resulting from such Reorganization) which the Holder would have been entitled to upon the Reorganization if the Holder had been a shareholder of the Company at the time of such Reorganization.
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(iii)
|
In the event that the presently authorized capital stock of the Company is changed into the same number of shares with a different par value, or without par value, the stock resulting from any such change shall be deemed to be Common Stock within the meaning of the Plan, and each Option shall apply to the same number of shares of such new stock as it applied to old shares immediately prior to such change.
|
(iv)
|
If the Company shall at any time declare an extraordinary dividend with respect to the Common Stock, whether payable in cash or other property, the Plan Administrator may, subject to applicable law, in the exercise of its sole discretion and with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock subject to such Option and/or adjust the exercise price per share so as to preserve the rights of the Holder substantially proportionate to the rights of the Holder prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock subject to outstanding Options, the number of shares available under Section 4 of this Plan shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Plan Administrator, the Company, the Company’s shareholders, or any Holder.
|
(v)
|
The foregoing adjustments in the shares subject to Options shall be made by the Plan Administrator, or by any successor administrator of this Plan, or by the applicable terms of any assumption or substitution document.
|
(vi)
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The grant of an Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.
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6.
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EFFECTIVE DATE; SHAREHOLDER APPROVAL
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7.
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NO OBLIGATIONS TO EXERCISE OPTION
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8.
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PRIOR PLANS
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9.
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SHAREHOLDER APPROVAL
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(b) |
“Insider” means an insider as defined in the TSXV Policies; or as defined in securities legislation applicable to the Company; and
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10.
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NO RIGHT TO OPTIONS OR TO EMPLOYMENT
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11.
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APPLICATION OF FUNDS
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12.
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INDEMNIFICATION OF PLAN ADMINISTRATOR
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(a)
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no amendment with respect to an outstanding Option which has the effect of reducing the benefits afforded to the Holder thereof shall be made over the objection of such Holder;
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(b)
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the events triggering acceleration of vesting of outstanding Options may be modified, expanded or eliminated without the consent of Holders;
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(c)
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the Plan Administrator may condition the effectiveness of any such amendment on the receipt of shareholder approval at such time and in such manner as the Plan Administrator may consider necessary for the Company to comply with or to avail the Company and/or the Optionees of the benefits of any securities, tax, market listing or other administrative or regulatory requirement; and
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(d)
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the Plan Administrator may not increase the number of shares available for issuance on the exercise of Incentive Stock Options without shareholder approval.
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