GreenPower Announces Grant of Stock Options

Rhea-AI Summary

GreenPower Motor Company Inc. (Nasdaq: GP) announced the granting of 20,000 incentive stock options to four outside directors, each receiving 5,000 options. These options, subject to TSX Venture Exchange approval, are exercisable for five years at $20 per share. The vesting schedule includes 25% after three, six, nine, and twelve months. Additionally, annual directors' fees have been set at $25,000 each, with an extra $5,000 for committee chairs.

GreenPower specializes in zero-emission electric vehicles for various markets, employing a sustainable design for its all-electric buses.

Positive

• Granting of 20,000 stock options demonstrates the company's commitment to incentivizing directors.
• Stock options priced at $20 may reflect confidence in the company's future performance.
• Establishing annual directors' fees enhances governance and supports operational effectiveness.

Negative

• None.

VANCOUVER, Canada, Dec. 4, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (the "Company") a leading manufacturer and distributor of zero emissions electric powered vehicles serving the cargo and delivery, transit and school bus markets announces that the Company has granted an aggregate of 20,000 incentive stock options with 5,000 stock options to each of its four outside directors: Mark Achtemichuk, Malcolm Clay, Cathy McLay and David Richardson. The stock options are subject to the approval of the TSX Venture Exchange and are exercisable for a period of five years at a price of US $20 per share. The stock options vest as to 25% three months after the grant date, 25% six months after the grant date, 25% nine months after the grant date and 25% twelve months after the grant date. The Board also approved annual Directors fees to these four outside directors of U.S. $25,000 per annum plus U.S. $5,000 per annum to each chair of a committee.

About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker.  GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.  GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. © 2020 GreenPower Motor Company Inc. All rights reserved.

 

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SOURCE GreenPower Motor Company

FAQ

What did GreenPower Motor Company announce on December 4, 2020?

On December 4, 2020, GreenPower Motor Company announced the grant of 20,000 stock options to its outside directors.

How many stock options were granted to each director?

Each of the four outside directors received 5,000 stock options.

What is the exercise price for the stock options granted by GreenPower?

The stock options are exercisable at a price of $20 per share.

What is the vesting schedule for the stock options granted to directors?

The options vest in four installments of 25% each, after three, six, nine, and twelve months.

What are the annual fees set for GreenPower's outside directors?

The annual fees for the outside directors are set at $25,000, with an additional $5,000 for committee chairs.