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Gold/Mining/Energy : PYNG Technologies
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To: Jack Rayfield who wrote (4279)8/12/1999 4:43:00 PM
From: AriKirA   of 8117
 
Finally Jack,

The following is something that caught my eye

Disinterested shareholder approval

23.2.12 Disinterested shareholder approval of stock options must be obtained where:

a) insiders who are not directors or senior officers of the company are receiving stock options as consultants for the company;

b) a stock option plan, together with all of the company's other previously established or proposed stock option grants could result at any time in:

i)the number of shares reserved for issuance pursuant to stock options granted to insiders exceeding 10% of the issued and outstanding capital,

ii) the issuance to insiders within a one (1) year period of a number of shares exceeding 10% of the issued and outstanding capital; or

iii) the issuance to any one insider and such insiders associates within a one (1) year period of a number of shares exceeding 5% of the issued and outstanding capital.

Where a) or b) applies, the share compensation arrangement must be approved by a majority of the votes cast at the shareholders' meeting other than votes attaching to securities beneficially owned by: a) insiders to whom shares may be issued pursuant to the stock option plan, and b) associates of person referred to in a).

Hope this helps my friend
AK
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