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Equity Incentive Plan | 9 Months Ended
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Nov. 30, 2021
Equity Incentive Plan |
17. Equity Incentive Plan | 17. Equity Incentive Plan On July 6, 2017, the Company adopted the 2017 Equity Incentive Plan (the “Plan”). The Plan permits the granting of warrants, stock options, stock appreciation rights and restricted stock units to employees, directors and consultants of the Company. A total of 3,000,000 shares of common stock were initially reserved for issuance under the Plan at July 6, 2017, with annual automatic share reserve increases, as defined in the Plan, amounting to the lessor of (i) 1,500,000 shares, (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) or such number of shares determined by the Administrator of the Plan, effective March 1, 2018. On March 1, 2021 and 2020, the Board of Directors opted to waive the annual share reserve increase. The Plan is administered by the Board of Directors who designates eligible participants to be included under the Plan, the number of awards granted, the share price pursuant to the awards and the vesting conditions and period. The awards, when granted, will have an exercise price of no less than the estimated fair value of shares at the date of grant and a life not exceeding 10 years from the grant date. However, where a participant, at the time of the grant, owns stock representing more than 10% of the voting power of the Company, the life of the options shall not exceed 5 years. The following table summarizes the continuity of the Company’s Equity Incentive Plan units during the nine-month periods ended November 30, 2021 and 2020:
|  | 2021 |  |  | 2020 |
|  | Number of units |  |  | Number of units |
Outstanding, beginning of period |  |  | 1,083,412 |  |  |  | 1,300,518 |
Share reserve increase |  |  | - |  |  |  | - |
Units granted |  |  | (349,580 | ) |  |  | (183,621 | )
Units forfeited |  |  | 313,512 |  |  |  | 2,989 |
Units expired |  |  | - |  |  |  | - |
Outstanding, end of period |  |  | 1,047,344 |  |  |  | 1,119,886 |

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