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  • Foremost Lithium Resource & Technology (FAT) has terminated the performance and restricted share unit plan
  • At the company’s ASGM held on December 02, 2022, the shareholders voted against ratification of the PSU plan
  • On January 05, 2023, the Board unanimously resolved to terminate the PSU plan effective immediately
  • Foremost Lithium Resource & Technology Ltd. is a hard-rock exploration company with over 43,300 acres located in Snow Lake, Manitoba
  • Foremost Lithium Resource & Technology Ltd. was up 3.13 per cent, trading at $0.155 at 13:42 ET

Foremost Lithium Resource & Technology (FAT) has terminated the performance and restricted share unit plan.

On January 17, 2022, the company adopted a performance and restricted share unit plan, which was subsequently amended on September 7, 2022 (the PSU plan).

The terms of the PSU plan required that the plan be submitted to shareholders for ratification and approval within three years of its implementation and thereafter within three years after the anniversary of the immediately preceding shareholder approval.

At the company’s ASGM held on December 02, 2022, the shareholders voted against ratification of the PSU plan. 98.2 per cent of the shareholders voted against the motion to approve the plan.

Effective December 7, 2022, an aggregate of 10,000,000 previously outstanding unvested performance share units (PSUs) were forfeited in connection with previously disclosed management changes.

On January 06, 2023, 500,000 outstanding vested PSUs were redeemed, and subsequently, there were no PSUs issued and outstanding under the PSU plan.

With no PSUs outstanding under the PSU plan, Foremost Lithium’s Board of Directors determined it to be in the best interests of the company and the shareholders to terminate the PSU plan in accordance with its terms.

On January 05, 2023, the Board unanimously resolved to terminate the PSU plan.

Foremost Lithium Resource & Technology Ltd. is a hard-rock exploration company with over 43,300 acres located in Snow Lake, Manitoba.

Foremost Lithium Resource & Technology Ltd. was up 3.13 per cent, trading at $0.155 at 13:42 ET.


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