UNI 0.38% $7.92 universal store holdings limited

stock incentive plan and reserve

  1. 5 Posts.

    I was a little disturbed when reading the EGM notice and explanation regarding the Stock Incentive Plan (Section 4, P28) that the reserve available for issue will automatically adjust to 12.5% of the outstanding shares EACH YEAR from 2011 to 2019. Does this mean that the board can give away 12.5% of the company each year for the next 9 years without further shareholder approval?

    I can't see anywhere that states that these stock incentives need to be approved by shareholders, only that they are granted by the plan administrator. Does anyone see any other time period that the plan is to run for or be otherwise restricted?

    I haven't seen any mention here regarding the Stock Incentive plan we are asked to approve so can anyone confirm my understanding or please correct me?

    T
 
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