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17. SHARE BASED PAYMENTS
IPC Share Unit Plan
The shareholders of IPC at the 2018 Annual General Meeting and at the 2021 Annual General Meeting approved a Share Unit Plan.
Awards under the plan will be accounted from the date of grant.
The IPC Performance Share Plan (“PSP”) 2019 awards vested on June 30, 2022 at a price of CAD 12.83 per award.
The IPC PSP 2020 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2022, is 1,017,105 which vest on March 1, 2023. Each award was fair valued
at the grant date at CAD 3.65 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo
simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of -0.39%, expected volatility
of 47%, dividend yield rate of 0%, and an exercise price of CAD zero.
The IPC PSP 2021 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2022, is 1,716,000 which vest on March 1, 2024. Each award was fair valued
at the grant date at CAD 3.61 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo
simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 0.45%, expected volatility
of 68%, dividend yield rate of 0%, and an exercise price of CAD zero.
The IPC PSP 2022 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2022, is 937,000 which vest on March 1, 2025. Each award was fair valued at
the grant date at CAD 8.40 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo
simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 0.38%, expected volatility
of 45%, dividend yield rate of 0%, and an exercise price of CAD zero.
IPC Performance Share Plan 2019 Awards 2020 Awards 2021 Awards 2022 Awards Total
Outstanding at January 1, 2022 860,349 1,017,105 1,716,000 – 3,593,454
Awarded during the period – – – 937,000 937,000
Forfeited during the period – – – – –
Vested during the period
(860,349) – – – (860,349)
Outstanding at December 31, 2022
– 1,017,105 1,716,000 937,000 3,670,105
Vesting date
March 1, 2023 – 1,017,105 – – 1,017,105
March 1, 2024 – – 1,716,000 – 1,716,000
March 1, 2025
– – – 937,000 937,000
Outstanding at December 31, 2022
– 1,017,105 1,716,000 937,000 3,670,105
The last third of the IPC Restricted Share Plan (“RSP”) 2019 awards vested on June 30, 2022, at a price of CAD 12.83 per award.
The second third of the IPC RSP 2020 awards vested on March 1, 2022, at a price of CAD 8.93 per award. The total outstanding
number of 2020 awards under the IPC RSP as at December 31, 2022, is 199,304 which vest on March 1, 2023, subject to
continued employment. Each award was fair valued at the grant date at CAD 4.35
The first third of the IPC RSP 2021 awards vested on March 1, 2022, at a price of CAD 8.93 per award. The total outstanding
number of 2021 awards under the IPC RSP as at December 31, 2022, is 674,225 which vest over two years on each of March 1,
2023 and March 1, 2024, subject to continued employment. Each award was fair valued at the grant date at CAD 4.07.
The total outstanding number of IPC RSP 2022 awards as at December 31, 2022, is 484,534 which vest over three years as to
one-third on each of March 1, 2023, March 1, 2024, and March 1, 2025, subject to continued employment. Each award was fair
valued at the grant date at CAD 9.09.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2022 and 2021, AUDITED