Greenlane Renewables Announces Appointment of Lead Director and Amendment to Omnibus Incentive Plan
~Company amends proxy to recognize latest governance trends and institutional shareholder voting suggestions~
Vancouver, British Columbia, Canada – June 11, 2021 Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) today announced that it has appointed a current director of the Company, Ms. Elaine Wong, to the position of Lead Independent Director. Ms. Wong will remain a member of both the Audit and the Corporate Development Committee. The Company has also amended its Omnibus Incentive Plan to limit the value of grants to non-employee director awards.
The Company’s Omnibus Incentive Plan is being submitted for shareholder approval at the Company’s annual general meeting on June 23, 2021. The Board of Directors has now approved the inclusion of an annual value limit of $150,000 on the discretion to grant a non-employee director equity-based incentives (RSUs) pursuant to the Omnibus Incentive Plan. This Plan does not permit the grant of stock options to non-employee directors, so the limit for options is set at ‘Nil’. This limit is being added to reflect best practice in equity-based compensation plans that include non-employee directors.
In the proxy, Section 2.5 (1) subsection (e), as amended now reads:
(1) Notwithstanding any other provision of this Plan, and subject to applicable Exchange Policies, the maximum number of Common Shares that:
(e) may be issuable to any one Non-Employee Director pursuant to annual grants of Award(s) shall not exceed a value of $150,000 (based on the Fair Market Value); provided further that no amount of such value shall be comprised of Options.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 125 biogas upgrading systems sold into 19 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
Brad Douville, President & CEO, Greenlane Renewables