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Similarly, if such a person informs another person of undisclosed Material Information, and such person buys or sells securities on the basis of that information, the seller or buyer on the other side of the transaction is, once again, at a disadvantage.
In addition, this policy applies to Material Information relating to another company that directors, officers, employees or consultants of the Company or its affiliates may learn in the course of a proposed or pending transaction. Trading Restrictions and Blackout Periods Directors, officers, employees and consultants may trade in the Company’s securities, either directly or indirectly, or may exercise direction or control over the trading of its securities, except as follows: a) Trading by directors, officers, employees and consultants is prohibited when they are in possession of Material Information which is being kept confidential and which has not been made public.
Except in the necessary course of business, it is also illegal for anyone to inform any other person of material non-public information (referred to as “tipping”).
You are deemed to be a “Reporting Insider” of the Company if (a) you are a director or the CEO, CFO or COO of the Company or one of the Company’s major subsidiaries (defined as entities that represent 30% or more of the consolidated assets or revenue of the Company based on a look back at the most recent annual or interim financial statements), or (b) you are a person responsible for a principal business unit, division or function of the Company, or (c) you are a shareholder that controls 10% or more of the securities of the Company (calculated on a post-conversion beneficial ownership basis), or (d) regardless of your title and position with the Company, you (i) in the ordinary course of business receive or have access to information as to material facts or material changes concerning the Company before the material facts or material changes are generally disclosed; and (ii) directly or indirectly exercise, or have the ability to exercise, significant power or influence over the business, operations, capital or development of the Company.
The definition of the term “Reporting Insider” in securities legislation is very technical and you are encouraged to contact any one of the Designated Officers if you are unsure whether you are deemed to be a Reporting Insider of the Company.