all securities acquired from treasury by non-arm s length
parties to the CPC,
shares acquired by a control person in the secondary
market, and
all seed shares issued to a member of the aggregate pro group,
regardless of price.
Escrow applies to:
shares acquired from treasury by non-arm s length parties
to the CPC,
CPC stock options, and
Escrow doesn t apply to:
shares acquired by the pro group at or above the IPO
price.
Escrow Release
18 Month Escrow: If resulting issuer is listed on Tier 1,
released as to 25% on Final QT Exchange Bulletin and 25% on each of
6, 12 and 18 months following that date.
Policy Amendments ),
which come into effect on January 1, 2021, include the
following:
removal of the 24-month deadline for completing a Qualifying
Transaction (as defined below);
lower distribution requirements;
reduced limitations on directors and officers of CPCs; and
transitional provisions allowing issuers at different stages of
the CPC process to take advantage of the Policy Amendments.
The Policy Amendments are intended to: (i) enhance flexibility
by relaxing jurisdictional, residency and spending restrictions;
(ii) reduce regulatory burden by easing shareholder distribution
and shareholder approval requirements; and (iii) bolster the
economics of CPC vehicles by, among other things, reducing seed
capital restrictions, introducing greater incentives for agents,