TORONTO, Jan. 14, 2021 /CNW/ - Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) (the "Company") announced today that the Company has adopted an "evergreen" stock option plan (the "Plan") pursuant to which a maximum of 731,806 class A common shares ("Class A Shares") in the capital of the Company, being equal to 10% of the currently issued and outstanding Class A Shares, may be reserved for issuance pursuant to an exercise of options under the Plan. The purpose of the Plan is to attract, retain and motivate persons having training, experience and leadership, including directors, officers and employees, as key service providers to the Company in order to advance the interests of the Company and its shareholders. Prior to the adoption of the Plan, the Company did not have any other security based compensation arrangements in effect.
While the Plan has been pre-cleared with the TSX, the adoption of the Plan remains subject to final TSX and shareholder approval. The Company intends to seek shareholder approval for the Plan at its next annual and special meeting of shareholders (the "2021 AGM"). In addition, any options granted under the Plan prior to receipt of shareholder approval for the Plan will be subject to shareholder ratification at the 2021 AGM and may not be exercised by the holders thereof until such approval has been obtained.
About the Company
On June 16, 2016, the shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the normal course issuer bid, or otherwise.
SOURCE Trez Capital Senior Mortgage Investment Corporation
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Chairman and CEO