ACT Energy Technologies Ltd. press release

Cathedral Energy Services announces amendment to option plan at special meeting for conversion to a growth-oriented corporation

2009-12-14

TSX - Toronto Stock Exchange · Canada

Dec. 14, 2009 (Canada NewsWire Group) --

CALGARY, Dec. 14 /CNW/ -- Cathedral Energy Services Income Trust (the "Trust" - TSX: CET.UN) announces that the Board of Trustees have approved amendments to the incentive stock option plan (the "Option Plan") that unitholders will be asked to approve in connection with the proposed plan of arrangement for the conversion of the Trust to a growth-oriented corporation (the "Arrangement") at the special meeting of the Trust's unitholders scheduled for 9:00 a.m. on Friday, December 18, 2009 in the Royal Meeting Room of the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta.

The Option Plan has been amended as follows:

to include a new provision which will provide that the number of common shares of the Corporation ("Shares") reserved for issue under options granted to non-employee directors of the corporation be limited to 1% of the Shares outstanding from time to time; to include a new provision which will provide for a maximum annual equity grant to non-employee directors of the Corporation to be limited to $100,000 per non-employee director as calculated under the Black-Scholes pricing model of share options granted during the year; and to provide that approval of the shareholders of the Corporation will be required to effect any amendment of the Option Plan which may reduce the exercise or purchase price of any options held by any person, regardless of whether such person is an insider of the Corporation; extend the term any options held by any person, regardless of whether such person is an insider of the Corporation; permit options to become transferrable or assignable, other than for normal estate planning purposes; or amend the amendment provisions of the Plan.

The amendments will result in RiskMetrics revising its recommendation to a "FOR" vote in connection with the resolution on the option plan

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