50 of the Top 250 law firms use our Products every day
Exhibit 10.7
NUCRYST PHARMACEUTICALS CORP.
DEFERRED SHARE UNIT PLAN
| |
(a) |
|
“Act” means the Income Tax Act
(Canada). |
| |
| |
(b) |
|
“Board” means the Board of Directors of the
Company. |
| |
| |
(c) |
|
“Code” means the Internal Revenue Code of 1986, as
amended. |
| |
| |
(d) |
|
“Common Shares” means the common shares of the
Company. |
| |
| |
(e) |
|
“Committee” means the committee appointed by the
Board to administer the DSU Plan. |
| |
| |
(f) |
|
“Company” means Nucryst Pharmaceuticals Corp. |
| |
| |
(g) |
|
“DSU Plan” means this Deferred Share Unit Plan, as
may be amended from time to time. |
| |
| |
(h) |
|
“DSUs” means deferred share units granted pursuant
to the DSU Plan as described herein. |
| |
| |
(i) |
|
“Effective Payout Date” means the date the
Participant receives a payment in respect of the DSUs, on the terms
set out in section 4. |
| |
| |
(j) |
|
“Exchange” means the NASDAQ National Market or, if
the Common Shares are not then listed and posted for trading on the
NASDAQ National Market, on such stock exchange or quotation system
on which such shares are listed, posted for trading or quoted. |
| |
| |
(k) |
|
“Market Price” means the closing price of the
Common Shares of the Company on the Exchange for the trading day
immediately preceding (i) the date on which the granting of
the DSU is approved by the Committee, or (ii) the Effective
Payout Date, as applicable. In the event that the Common Shares are
not listed and posted for trading on any stock exchange, the Market
Price shall be determined in accordance with the provisions in
section 409A of the Code. |
| |
| |
(l) |
|
“Participant(s)” means any individual to whom DSUs
are granted pursuant to the terms of the DSU Plan. |
| |
| |
(m) |
|
“Termination Date” means, in the case of a
director, the effective date of such person ceasing to be a
director of the company for any reason whatsoever and, in the case
of an officer or employee, the effective date of such person
ceasing to be an officer or employee of the Company for any reason
whatsoever. |
| 2. |
|
Administration and Granting |
| |
| |
|
DSUs shall be granted and administered by the Committee. Any
grant of DSUs shall be subject to the approval of the Board.
Members of the Committee and the Board shall be el |
|
