On May 8, , the TSX Venture Exchange TSXV implemented amendments to Policy 4. The amendments are intended to clarify and provide guidance on existing requirements and procedures; however, other amendments constitute new policies.

In connection with the amendments to Policy 4. This bulletin provides a summary of certain significant amendments to Policy 4. Where an issuer has more than one stock option plan or has granted stock options outside of its stock option plan, the limitations set forth in Policy 4. In addition, Policy 4. In general, the TSXV will not consider that a satisfactory market has been established until at least 10 trading days have passed since the date of listing or the day on which trading resumes.

In addition, the amendments also provide that anything not exceeding a 12 month period would be a reasonable time period for the expiry of options granted to an optionee that ceases to be a director, employee, consultant or management company employee of the issuer.

In such circumstances, the following requirements are applicable:. The amendments to Policy 4. If an issuer requires shareholder approval for a new or amended plan, TSXV acceptance of the plan will be conditional upon requisite shareholder approval having been obtained. The TSXV will generally permit the new or amended plan to be implemented prior to the requisite shareholder approval having been obtained. In addition, the TSXV will generally permit the issuer to grant options under the new or amended plan prior to the requisite approval having been obtained, provided that the issuer also obtains specific shareholder approval for such grants and otherwise complies with the applicable requirements of Policy 4.

Such approval must be separate and apart from the shareholder approval for the new or amended plan. Where shareholder approval is not obtained: Where shareholder approval is required, the information circular to be provided to shareholders in respect of a meeting at which the approval of the stock option plan or the grant or amendment of an option will be sought, must disclose the particulars of the plan or the option grant or amendment in sufficient detail to permit the shareholders to form a reasoned judgment concerning the acceptability of the plan or option grant or amendment.

In addition, where disinterested shareholder approval is required, those persons that cannot vote and the number of voting shares they hold should be disclosed in the information circular. Initial shareholder approval will not be required where: In addition, the amendments to Policy 4. The information circular must disclose the particulars of the grant or amendment in sufficient detail to permit the shareholders to form a reasoned judgment concerning the proposed grant or amendment.

For example, for an amendment that would decrease the exercise price of an option held by an insider, the disclosure should include, without limitation, the identity of the insider, the number of options the insider holds, the current exercise price and the proposed exercise price.

Prior to the amendments to Policy 4. This limitation is inclusive of any grants under Policy 4. Our clients include industry giants worldwide.

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