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RESTRICTED SHARE PLAN
 3 Months Ended
Nov. 30, 2022
Share-Based Payment Arrangement [Abstract]  
RESTRICTED SHARE PLAN

 

9.RESTRICTED SHARE PLAN

The Company has a Restricted Share Plan (the “Plan”) as approved by shareholders on February 8, 2019. The Plan allows the Company to grant, from time to time, restricted shares as compensation to directors, officers, employees and consultants of the Company. The Restricted Shares are subject to restrictions, including the period under which the shares will be restricted (the “Restricted Period”) and subject to forfeiture which is determined by the Board at the time of the grant. The recipient of Restricted Shares is entitled to all of the rights of a shareholder, including the right to vote such shares and the right to receive any dividends, except that the shares granted under the Plan are nontransferable during the Restricted Period.

 

The maximum number of Common Shares reserved for issuance under the Plan will not exceed 1% of the then issued and outstanding number of Common Shares at the time of the grant. As of November 30, 2022, the maximum number of shares available to be issued under the Plan was 17,074.

 

During the second quarter of fiscal 2021 ended February 28, 2021, the Board of Directors set the compensation for members of the Board under the Plan. Non-executive directors will be granted 25 common shares for each quarter of service, with the cumulative amount of shares earned each fiscal year to be granted shortly after the close of that fiscal year. Non-executive Directors also received a one-time initial grant of 225 common shares which were issued in December 2020.

 

During the three-month period ended November 30, 2022, the Company issued 3,557 common shares (three months ended November 2021 – 3,681 common shares) to officers, directors and employees under the RSA. The value of these shares was $23,303 (2021 - $39,386).