Is there an exception for de minimis issuances under Listing Rule 5635(c)?
No. The rule requires shareholder approval whenever the company establishes or materially amends a stock option or purchase plan or other arrangement pursuant to which stock may be acquired by officers, directors, employees or consultants. Unlike the prior rule, there is no exception for de minimis issuances or “broadly- based” plans.
Related Questions
- Can a company rely on the "exceptional and limited circumstances" provision as set forth in Listing Rule 5605(c)(2)(B) if it has three or more independent directors on its audit committee?
- Is there an exception for de minimis issuances under Listing Rule 5635(c)?
- Are issuances of treasury shares subject to Listing Rule 5635(c)?
