18 Securities Law Issues  The grant or issuance of these rights (options/shares) are securities for the purposes of the Securities Act (Ontario)  Under National Instrument Rule 45-106, there are conditional exemptions available for trades to employees, executives, directors and consultants of issuer and affiliates  Participation must be voluntary  Consultant provides services under a written contract and spends a significant amount of time and attention on the business of the issuer or a related entity  Consider National Instrument 45-102  Resale of Securities
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