~ The company modifies the power to recognize the latest governance trends and voting suggestions from institutional shareholders ~
VANCOUVER, British Columbia – Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) announced today that it has appointed a current director of the Company, Ms. Elaine Wong, to the position of Lead Independent Director. Ms. Wong will continue to be a member of both the Audit Committee and the Corporate Development Committee. The Company has also modified its Omnibus Incentive Plan to limit the value of grants to grants to directors who are not employees.
The Company’s Omnibus Incentive Plan will be presented for shareholder approval at the Company’s annual general meeting on June 23, 2021. The Board of Directors has approved the inclusion of an annual value limit of $ 150,000 at its discretion for grant a non-employee director Stock Based Incentives (RSU) in accordance with the Omnibus Incentive Plan. This plan does not allow the granting of stock options to directors who are not employees, therefore the option limit is set to ‘Null’. This limit is added to reflect best practices in share-based compensation plans that include directors who are not employees.
In the proxy, subsection (e) of Section 2.5 (1), as amended, now reads:
(1) Without prejudice to any other provision of this Plan, and subject to the applicable Exchange Policies, the maximum number of Common Shares that:
(e) may be issued to any Non-Employed Director pursuant to annual award grants (s) not to exceed a value of $ 150,000 (based on Fair Market Value); provided, in addition, no amount of said security is made up of options.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrade systems that are helping to decarbonize natural gas. Our systems produce clean, low-carbon, and carbon-negative renewable natural gas from organic waste sources, including landfills, sewage treatment plants, dairy farms, and food waste, suitable for injection into the natural gas grid or for direct use as fuel for vehicles. Greenlane is the only biogas improvement company offering all three main technologies: water wash, pressure swing adsorption and membrane separation. With over 30 years of industry experience, proprietary technology, and more than 125 biogas upgrade systems sold in 19 countries around the world, including the world’s largest biogas upgrade facility, Greenlane is inspired by the commitment to help waste producers, gas utilities or project developers to reduce the value of the product in a renewable resource of high value low in carbon. For more information visit www.greenlanerenewables.com.
Inciting the capital markets
Eric Negraeff / Darren Seed
Brad Douville, President and CEO of Greenlane Renewables
Email: [email protected]