lso, the company's stock option plan has been amended to increase the number of common shares available for stock option grants under the plan from 5,300,000 to 6,500,000 common shares, which represents less than 10% of the issued and outstanding common shares of the company. The amendment to the stock option plan remains subject to the approval of the TSX Venture Exchange.
A total of 585,000 options were granted to the Board of Directors as follows: Michael Telesmanic, chairman of the Board, has received 120,000 stock options, Earle G. Hall has received 65,000 stock options and the other four members each received 100,000 stock options. Each option will confer to its holder the right to subscribe one common share of DEQ Systems Corp. at an exercise price of us$ 0.46 per share. Stock options are fully vested as of the date of grant.
The Board of Directors further approved the issuance of 200,000 stock options to certain employees of the company. Each option will confer to its holder the right to subscribe one common share of DEQ at an exercise price of us$ 0.46 per share. Employee stock options are vested at 20 % per year over 5 years.