Issued in connection with a directed share program, these are shares of stock sold in a registered offering and reserved for purchase by specified persons, including employees, officers, directors and others (such as vendors, customers, family members and consultants). The specified persons might not otherwise receive an allocation of shares in the offering. The underwriters typically permit the company to offer up to 5% of the total number of offered shares to the specified persons. Directed shares are sold at the same price per share offered to the public.

For more information, see these Practice Notes: