7 7 5 December 11, 2020). In 2020, the CESGC eliminated the grant of stock options to Named Executive Officers as part of the annual compensation program and increased the target grants for performance-based RSUs such that more than 50% of share-based compensation was subject to performance- based vesting criteria. During 2020, an aggregate of 31,284 RSUs were awarded to the Named Executive Officers, being 19,289 performance-based RSUs which will vest on December 11, 2023 upon the satisfaction of certain performance criteria and 11,995 time-based RSUs which will vest annually in equal thirds commencing on the first annivers ary of the award date (being December 11, 2021). During 2021, an aggregate of 45,931 RSUs were awarded to the Named Executive Officers, as follows: (i) 20,380 pe rformance-based RSUs which will vest on December 11, 2024 upon the satisfaction of certain performance criteria, (ii) 12,631 time-based RSUs which will vest annually in equal thirds commencing on the first anniversary of the award date (being December 11, 2022), and (iii) 12,920 performance- based RSUs, which vested immediately, base d on the application of the performance- based multiplier to the performance-based RSUs granted in 2018. The only awards of options reported in th e Summary Compensation Table above are as follows: an award of stock options to the Na med Executive Officers in 2019 as part of the annual incentive compensation progra m (an aggregate of 52,917 options were awarded at an exercise price of C$129.32 , vesting over a three-year period). There were no awards of stock options to Named Executive Officers in 2021 as the practice of granting stock options to management as part of the annual compensation program was discontinued starting in 2020. St ock options are granted from time to time in connection with new hires or internal promotions. During 2021, a total of 81,698 options were granted by the Corporation in connection with new hires, internal promotions and one-time grants to junior staf f and the total option grant rate in 2021 as a percentage of the number of common shares outstanding as at December 31, 2021 was approximately 0.04%. The total cost of Named Executive Officer compensation in 2021 as a percentage of Adjusted EBITDA (1) was approximately 1.0%. Note (1) Please refer to Schedule “B” Non-GAAP Financial Measures.