Khiron Announces Shareholder Approval of Amended and Restated Option Plan and Restricted Share Unit Plan, and Grants of RSUs

Rhea-AI Summary

Khiron Life Sciences Corp. announced the shareholder approval of its amended stock option and restricted share unit plans during the AGM on September 10, 2020. The Company can issue up to 13,398,580 shares under these plans, aimed at attracting and retaining key personnel. Following approval, the board granted 1,210,000 RSUs to directors and officers, vesting over three years. Khiron operates in Latin America and Europe, focusing on medical cannabis cultivation and distribution, and is committed to regulatory compliance and patient care.

Positive

• Shareholders approved the amended stock option and restricted share unit plans.
• The Company can issue up to 13,398,580 shares, aligning interests with stakeholders.
• 1,210,000 RSUs granted to attract and retain key personnel.

Negative

• None.

TORONTO, Sept. 11, 2020 /PRNewswire/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe, announces the adoption of the Company's amended and restated stock option plan and the Company's amended and restated restricted share unit plan (together, the "Share Compensation Plans").  The Share Compensation Plans were approved by shareholders at the annual general and special meeting of shareholders held on September 10, 2020 (the "AGM") and were previously approved by the Company's board of directors and by the TSX Venture Exchange ("TSXV"), subject to shareholder approval at the AGM.

The board of directors may grant options and restricted share units ("RSUs") under the Share Compensation Plans to attract, motivate and retain directors, officers, employees and consultants, and to align the interests of plan participants with those of the Company's shareholders. The fixed number of shares issuable under the Share Compensation Plans and any other securities compensation arrangement (including the Company's previous stock option and RSU plans) is 13,398,580, being 20% of the shares issued as at August 4, 2020, less the number of options and RSUs issued as at that date.

Following the approval by shareholders of the Share Compensation Plans, on September 10, 2020, the board of directors approved a grant of 1,210,000 RSUs to certain directors and officers of the Company under the amended and restated RSU plan, as set forth below.  The RSUs will vest in thirds on each of the first, second and third anniversaries of the grant date.

Name	Title/Position	Number of Shares
Chris Naprawa	Chairman	400,000
Deborah Rosati	Director	400,000
Alvaro Yanez	Director	200,000
Rayet Harb Gasi	Vice President, Khiron Health	110,000
Livia Maduri	General Counsel and Corporate Secretary	100,000
	TOTAL	1, 210,000

About Khiron Life Sciences Corp.

Khiron Life Sciences Corp. is the dominant integrated medical cannabis company in Latin America. Khiron has core operations in Latin America, along with activity in North America and Europe, and is licensed in Colombia for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. The Company delivers best in class regulatory compliance, is fully authorized to manufacture and fill prescriptions for high- and low-THC medical cannabis in Colombia and has the first approved line of CBD cosmetic products on shelf in Colombia, and available in the United States and the United Kingdom.

With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox. 

Visit Khiron online at investors.khiron.ca and on Instagram @khironlife.

Cautionary Notes

Forward-Looking Statements

This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron's control, including the risk factors discussed in Khiron's Annual Information Form which is available on Khiron's SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Khiron Life Sciences Corp.

FAQ

What was approved at the Khiron Life Sciences AGM on September 10, 2020?

The AGM approved the amended stock option and restricted share unit plans.

How many shares can Khiron issue under the Share Compensation Plans?

Khiron can issue up to 13,398,580 shares under the Share Compensation Plans.

What is the purpose of Khiron's Share Compensation Plans?

The plans aim to attract, motivate, and retain directors, officers, and employees.

How many RSUs were granted to Khiron's directors and officers?

A total of 1,210,000 RSUs were granted to directors and officers.