GreenPower Announces Grant of Stock Options

Rhea-AI Summary

GreenPower Motor Company Inc. (Nasdaq: GP) announced on December 10, 2021, the granting of 350,000 stock options to Directors and Officers, 278,000 to employees, and 65,000 to consultants, pending TSX Venture Exchange approval. The options have an exercise price of CDN $16.45 and are valid for five years. The vesting periods vary: for Directors and Officers and consultants, 25% vest after four, six, nine months, and one year; for employees, 25% vest after four months, and subsequently at one, two, and three years.

Positive

• Granting of 350,000 stock options enhances executive and employee incentives.
• Stock options at CDN $16.45 could align interests between management and shareholders.

Negative

• None.

VANCOUVER, BC, Dec. 10, 2021 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (the "Company") announces that the Company has granted an aggregate of 350,000 incentive stock options to the Directors and Officers of the Company, 278,000 stock options to employees of the Company and 65,000 stock options to consultants. 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 CDN $16.45 per share. For the Directors and Officers of the Company and the consultants the stock options vest as to 25% four months after the grant date, 25% six months after the grant date, 25% nine months after the grant date and 25% one year after the grant date and for the employees the stock options vest as to 25% four months after the grant date, 25% one year after the grant date, 25% two years after the grant date and 25% three years after the grant date.

For further information contact:

Fraser Atkinson, Chairman
(604) 220-8048

About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis.  GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. 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. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020.  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. © 2021 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What did GreenPower Motor Company announce on December 10, 2021?

GreenPower announced the grant of 350,000 stock options to Directors and Officers, 278,000 to employees, and 65,000 to consultants.

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

The stock options have an exercise price of CDN $16.45 per share.

How long are the stock options granted by GreenPower valid?

The stock options are exercisable for a period of five years.

What are the vesting periods for the stock options granted to GreenPower's employees?

For employees, the options vest as to 25% after four months, 25% after one year, 25% after two years, and 25% after three years.

What is the significance of the stock options granted by GreenPower?

The stock options incentivize management and employees, potentially aligning their interests with shareholders.