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Abstract
The stock option plan has been amended to: (i) change the plan from a rolling 10% stock option plan to a fixed plan pursuant to which the maximum number of common shares of Alexco which may be made subject to stock options shall not exceed 5,550,000 (which represents approximately 9.2% of Alexco's currently issued and outstanding common shares); (ii) add an annual limit for grants to each non-employee director of Alexco of $100,000 in grant-date fair value (equal to the accounting fair value determined in respect of the option grantings for Alexco's annual financial reporting purposes) of stock options, provided further that no stock options may be granted to non-employee directors of Alexco to the extent the stock option holdings of such directors, as a group, would be increased to represent more than 1% of the issued and outstanding common shares of Alexco at such time; and (iii) remove the ability of Alexco to re-price stock options held by non-insiders, change vesting and termination provisions of outstanding stock options and make certain amendments of a "housekeeping nature" to the plan or outstanding stock options.
Alexco Resource Corp. owns and operates the Bellekeno silver mine, one of several mineral properties held by Alexco which encompass substantially all of the historical Keno Hill Silver District located in Canada's Yukon Territory. Bellekeno, which commenced commercial production at the beginning of calendar year 2011, is Canada's only operating primary silver mine. Alexco's primary near-term exploration objective is to unlock value in the silver-rich Keno Hill District, and is focused on growth by advancing its promising District properties to development decisions. The Company's goal is to produce 7 million to 10 million ounces of silver annually within the next decade. Employing a unique business model, Alexco also provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients through the Alexco Environmental Group, its wholly-owned environmental services division.