Company: LINMF
Filing Date: 2025-08-01
Form Type: 20-F
Source: 0001176256-25-000065
Chunk: 55

Company: Linear Minerals Corp
Filing Date: 2025-08-01
Form: 20-F
Item: Item 6
Chunk 55
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) if the optionee does not become an eligible person in respect of the New Company, the date that the Subject Options expire pursuant to the applicable provisions of the Plan relating to expiration of options in cases of death, disability or termination of employment discussed in the preceding paragraph above (the “Termination Provisions”); (iii) if the optionee becomes an eligible person in respect of the New Company, the date that such new options expire pursuant to the terms of the New Company’s stock option plan that correspond to the Termination Provisions; and (iv) the date that is one (1) year after the Optionee ceases to be an eligible person in respect of the New Company or such shorter period as determined by the Board.

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The Plan allows the board to impose vesting provisions and provides that, unless otherwise specified at the time of grant, all options shall vest and become exercisable in full immediately upon grant of such options. However, as required by the policies of the Exchange, options granted to optionees performing Investor Relations Activities must vest in stages over 12 months with no more than ¼ of such options vesting in any three-month period.

The purpose of the Plan is to allow the Company to grant options to directors, officers, employees and service providers, as an incentive for performance, and as an opportunity to participate in the success of Linear Minerals . The granting of such options is intended to align the interests of such persons with that of the shareholders. Options are exercisable over periods of up to ten years as determined by the board of directors of Linear Minerals and are required to have an exercise price no less than the market price as defined in the Plan prevailing on the day that the option is granted. Pursuant to the Plan, the board of directors may from time to time authorize the issue of options to directors, officers and employees of and consultants to Linear Minerals and its subsidiaries or employees of companies providing management services to Linear Minerals or its subsidiaries.

At March 31, 2025, and at July 29, 2025, the maximum number of common shares which may be issued pursuant to stock options granted under the Plan is equal to 1,373,003 and 1,623,003 of the issued and outstanding common shares at the respective dates. There were 4,760,526 stock options outstanding at March 31, 2025 and July 29, 2025 respectively.

The board of directors generally grants options to corporate executives on the recommendation of the CGCC. As part of