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The following Rules apply to options to acquire or dispose of assets, in addition to the other requirements in this Chapter:

(1) If the option is not exercisable at the discretion of the issuer, shareholder approval must be obtained at the time of grant of the option.
(2) If the option is exercisable at the discretion of the issuer and the exercise terms are fixed at the time of grant, shareholder approval must be obtained at the time of grant of the option.
(3) If the option is exercisable at the discretion of the issuer and the exercise terms are not fixed, but are based on factors existing at the time of exercise, the issuer must obtain shareholder approval at the time of exercise of the option. At the time of acquisition or grant of the option, the issuer must make an appropriate announcement.