TAILIEUCHUNG - Guide to Security Based Compensation Arrangements

In the language of macroeconomics, the main findings can be summarized as follows. When the elasticity of substitution between nondurable and durable consumption is higher than the EIS, the marginal utility of consumption rises when durable consumption falls. First, small stocks and value stocks deliver lowreturnswhenmarginal utility rises, that is, during recessionswhen durable consumption falls. Investors must therefore be rewarded with high expected returns to hold these risky stocks. Second, stocks deliver unexpectedly low re- turns when marginal utility rises sharply, that is, at business cycle troughs when durable consumption falls sharply relative to nondurable consumption. Investorsmust therefore be rewarded with high expected returns to hold stocks during recessions | Toronto Stock Exchange Guide to Security Based Compensation Arrangements TMX Group Equities Toronto Stock Exchange TSX Venture Exchange Equicom Derivatives Montreal Exchange CDCC Montréal Climate Exchange Fixed Income Shorcan Energy NGX Data TMX Datalinx PC Bond 2010 TSX Inc. All rights reserved. Do not sell or modify this document without TSX Inc. s prior written consent. This information is provided for information purposes only and is not intended to substitute for competent professional advice. NeitherTMX Group nor any of its affiliated companies guarantees the completeness of the information contained in this document and we are not responsible for any errors or omissions in oryour use of or reliance on the information. Table of Contents About this Part I - Cashless Evergreen Insider participation Market Omnibus Phantom Plan Restricted or deferred share unit Rolling Service Stock appreciation Stock option Stock purchase Vesting Part II - TSX Regulatory Security based compensation arrangements subject to TSX Securities issued to service Fundamental TSX Security holder approval Exemptions from security holder approval Plan Renewal approval for evergreen Board of director Disinterested security holder Insider participation Granting options while there is undisclosed material Market Entitlements granted subject to security holder Terms subject to listed issuer Amendment Anti-dilution Assignability and Black out Change of control Financial Maximum to one Purchase price for stock .

• Đầu tư Chứng khoán
• Increased portability
• through limitation
• preexisting condition
• Prohibiting discrimination
• individual participants
• Guaranteed renewability