13. Stock Options

The Company has established its 2007 Equity Incentive Plan, whereby the board of directors may grant up to 412,500 stock options to eligible employees and directors, the 2010 Stock Option Plan whereby the board of directors may, from time to time, grant up to 1,512,500 stock options to officers and employees; the 2014 Stock Option Plan whereby the board of directors may, from time to time, grant up to 2,107,500 stock options to directors, officers, employees, and consultants; and the 2019 Equity Incentive Plan whereby the board of directors may, from time to time, grant up to 7,838,713 stock options to directors, officers, employees, and consultants. Stock options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company’s board of directors. The exercise price of an option is equal to or greater than the closing market price of the Company’s common shares on the day preceding the date of grant. The vesting terms of each grant are set by the board of directors.

Fiscal 2020 Activity

The Company granted in the period ending November 30, 2019:

            __________

⁽¹⁾Options granted vest 50,000 on grant and the remainder based on contracted milestones

⁽²⁾Options granted vest 250,000 on grant and the remainder based on contracted milestones

A continuity schedule for stock options is presented below:

The fair value of options granted was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions: