RED DEER, ALBERTA--(Marketwired - April 28, 2014) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX:PKI), an independent North American distributor and marketer of fuels and lubricants, today announced that it has adopted an amendment to its Restricted Share Unit Plan for eligible employees ("the Plan") to provide that the number of common shares in the capital of the Corporation (the "Shares") reserved for issuance from treasury pursuant to restricted share units credited under the plan not exceed 4% of the total issued and outstanding Shares (the "Amendment").
The Amendment is effective as of the date hereof and at the upcoming annual general and special meeting of the shareholders of the Corporation to be held at 9:00 am Mountain Time on May 6, 2014 (the "Meeting"), shareholders are asked to vote FOR the matter of business approving the unallocated restricted share units to be issued under the Plan, as modified by the Amendment.
Based on the recommendations and analysis provided in the report issued by Institutional Shareholder Services ("ISS") about the matters to be voted on at Parkland's upcoming annual general and special meeting, Parkland has made the Amendment to align with ISS' guidelines on shareholder value transfer ("SVT") in the interests of good corporate governance. The Amendment has been enacted in order to ensure that the aggregate shareholder value transfer ("SVT") under the Plan and Parkland's stock option plan (collectively, the "Compensation Plans") do not exceed the cap on SVT recommended by ISS. Parkland believes that the Amendment will reduce the SVT under the Compensations Plans, in aggregate, to be at or less than the 5% SVT cap set by ISS.
In light of the Amendment, Parkland believes it is now in compliance with ISS guidelines and encourages shareholders to vote FOR proposal 5.
About Parkland Fuel Corporation
Parkland Fuel Corporation is an independent marketer of petroleum products in North America, empowered by a continent-wide logistics, supply and trading platform. We provide motorists, businesses, consumers and wholesale customers with a safe and dependable source of gasoline, diesel, propane, lubricants, heating oil and other products through a network of locations across North America that are run by community based operators who care.
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