Business
Compromise Agreement with former CEO
Compromise Agreement with former CEO.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (\"MAR\") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n27 July 2023\nBeowulf Mining plc\n(\"Beowulf\" or the \"Company\")\nCompromise Agreement with former CEO\nBeowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces that it has entered into a compromise agreement (the \"Compromise Agreement\") with Kurt Budge, former CEO of Beowulf.\nThe terms of the Compromise Agreement are as follows:\n· Mr Budge's employment with Beowulf will terminate immediately, and he will receive pay in lieu of the remainder of his notice period;\n· Mr Budge will receive 12,250,000 options in the Company, exercisable immediately at a strike price of 2.06 pence per option (the price of the Company's most recent capital raise), exercisable for up to five years, subject to Mr Budge's ongoing compliance with his exit arrangements;\n· The Company will contribute £3,000 towards Mr Budge's legal fees; and\n· Mr Budge will be released from a non-compete restrictive covenant with effect from 1 September 2023.\nThe options have been provided to Mr Budge as part of his exit package in recognition of his dedication to the Company during many years of service, and for the opportunities he created during his leadership.\nMr Budge is making arrangements to assist the Company's incoming CEO, Ed Bowie, ahead of Mr Bowie joining the board of Beowulf on 7 August 2023.\nRelated Party Transaction\nThe Compromise Agreement is a related-party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors of Beowulf independent of the Compromise Agreement being the full board, consider, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the Compromise Agreement is fair and reasonable in so far as Beowulf's shareholders are concerned.\n \n \nFor more information, please contact:\nEnquiries:\nJohan Röstin Tel: +46 (0) 702 53 00 00\nSP Angel (Nominated Adviser & Broker)\nEw...