Peltz, whose New York-based Trian Fund Management LP has more than $10 billion under management, will advise Aurora on potential partnerships, the company said in a statement Wednesday. Aurora’s shares gained 8.5 percent to C$11.54 as of 10:43 a.m. in Toronto.

Peltz, 76, has been granted 20 million options to purchase Aurora shares at C$10.34 each, slightly below Tuesday’s closing price of C$10.64. The options will vest on a quarterly basis over four years, or faster if certain conditions are met, including “the consummation of certain defined transactions” and the share price hitting C$41.36 for a specified number of trading days. If exercised in full, that would make Peltz the second-largest shareholder in Aurora after ETF provider Vanguard Group Inc., according to data compiled by [Read More @ Bloomberg].