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Pursuant to the Plan, the Board of Directors may from time to time authorize the issue of options to directors, officers, employees, and consultants of the Company and its subsidiaries. The maximum number of common shares which may be issued pursuant to options granted under the Plan is 2,146,004 common shares in the capital of the Company, or such additional amounts as may be approved from time to time by shareholders of the Company, including stock options currently existing outside the Plan which are exercisable for up to 770,000 common shares of the Company and which shall, upon regulatory and shareholder approval of the Plan, be included under the Plan.
The Plan provides that the number of common shares issuable to optionees under the Plan may not exceed 20% of the total number of issued and outstanding common shares of the Company. In addition, the number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares of the Company on a yearly basis. Any options granted under the Plan vest as to 25% upon grant and 12
