Shareholders Vote 88% in Favour to Approve the Plan
OAK BROOK, IL, Oct. 19 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, announced today that its shareholders have approved a stock option plan for John Prunkl, the Company's President and Chief Executive Officer
"The Stock Option Plan aligns John's interests with our shareholders' interests to a greater degree, and incents him to advance the interests of Primary Energy Recycling by providing him with an opportunity to acquire a proprietary interest in the Company," said Michel Lavigne, Chair of the Board of Directors for Primary Energy Recycling.
Shareholders voted 88% in favour of the ordinary resolution to approve the Stock Option Plan under which all of the 5,500,000 common shares authorized under the Plan have been granted to Mr. Prunkl. The 5,500,000 common shares represent approximately 4.1% of Primary Energy Recycling's outstanding common shares.
The closing price of the common shares on the Toronto Stock Exchange on August 23, 2010, the day before the options were granted, was C$0.94. Five million of the options have an exercise price of C$1.00, and 500,000 of the options have an exercise price of C$1.20. All of Mr. Prunkl's options vest immediately and these options expire on the earlier of the 10th anniversary of the grant date and 90 days after Mr. Prunkl ceases to be employed by or provide services to Primary Energy Recycling and its affiliates.
About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation owns a majority interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8M lbs/hour. PERH creates value for its customers by recycling recoverable heat and byproduct fuels from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergyrecycling.com.
SOURCE Primary Energy Recycling Corporation