Saturn Oil & Gas Inc. Announces Adoption of RSU/DSU Plan

Source: www.gulfoilandgas.com 2/3/2022, Location: North America

Saturn Oil & Gas Inc. announces that the board of directors of the Company adopted a restricted share unit and deferred share unit (collectively "RSUs/DSUs") plan (the "RSU/DSU Plan"). In addition, the Company anticipates amending its current 20% fixed option plan into a new 10% rolling stock option plan (the "Amended Stock Option Plan") at its next meeting of shareholders.

The maximum number of RSUs/DSUs issuable under the RSU/DSU Plan together with the number of stock options issuable under the Amended Stock Option Plan may not exceed 10% of the number of issued and outstanding common shares of the Company as at the date of a grant under the RSU/DSU Plan or the Amended Stock Option Plan, as the case may be. Based on the number of common shares currently outstanding, an aggregate of 2,516,534 RSUs/DSUs and/or options can be granted pursuant to the RSU/DSU Plan and/or the Amended Stock Option Plan. The Company currently has 1,982,500 stock options outstanding, leaving 534,034 RSUs/DSUs and/or options available for grant. In connection with the adoption of the RSU/DSU Plan, the Company has made an initial grant of 63,000 DSUs to the Board of Directors and the Company’s Corporate Secretary at a reference price of $3.50 per share and vesting as 1/3 per year over three years. The Company has applied for TSX Venture Exchange approval of the RSU/DSU Plan and the plan. The RSU/DSU Plan and awards granted thereunder remain subject to TSXV and requisite disinterested shareholder approval in accordance with the policies of the TSXV.

The Amended Stock Option Plan will contain certain changes, including setting the maximum number of equity-based compensation units (including stock options and RSUs/DSUs) that may be reserved for issuance under the RSU/DSU Plan and the Amended Stock Option Plan at 10% of the Company’s outstanding common shares on a non-diluted basis. The Amended Stock Option Plan will be subject to requisite TSXV and shareholder approvals in accordance with the policies of the TSXV.

Further details regarding the RSU/DSU Plan and the Amended Stock Option Plan will be included in the management information circular of the Company which will be sent to shareholders and filed on SEDAR in connection with our next Shareholder’s meeting.


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