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WestBond adopts stock option plan
September 18th 2000
The company has submitted a stock option plan for directors and employees of the company to the Canadian Venture Exchange for acceptance. The plan received the requisite approval of the shareholders of the company at the annual general meeting held on Sept. 15, 2000.
There are 1.9 million shares reserved for issuance under the plan including options already issued and outstanding under separate agreements. The plan continues a vesting schedule providing that, subsequent to shareholder approval, 25 per cent of an option can be exercised upon exchange acceptance and 12.5 per cent every three months thereafter. Options can be granted for a period of up to five years at a price at least equal to the discounted market price as defined by Canadian Venture Exchange policies prevailing on the day the option is granted. The number of shares which may be reserved for issuance to any one individual may not exceed 5 per cent of the issued shares on a yearly basis.
The number of shares reserved under the plan, including separate option agreements presently outstanding, represents less than 20 per cent of the company's issued and outstanding capital as of the date hereof.
At the annual general meeting held on Sept. 15, 2000, Gennaro Magistrale, Owen Granger, Giovanni Trivella, Eric Fidelak and J. Douglas Seppala were elected as directors of the company for the ensuing year.



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