Business
Grant of Options
Grant of Options.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n\nENGAGE XR Holdings plc\n(\"ENGAGE XR\" or the \"Group\")\nGrant of Options\nENGAGE XR Holdings Plc (AIM: EXR), a leading metaverse technology company, is pleased to announce the grant of options over a total of 38,700,000 new ordinary shares of €0.001 each in the capital of the Company (\"Ordinary Shares\") (\"Options\"). Options have been granted to David Whelan, Chief Executive Officer, Sandra Whelan, Chief Operating Officer and Seamus Larrissey, Chief Financial Officer, as well as to many of the Group's employees.\nFollowing the successful completion of the equity placing earlier this year, the Remuneration Committee has been evaluating appropriate solutions to put in place suitable longer-term incentives aimed at aligning the interests of employees and shareholders. The option grant will also assist with the retention and motivation of key employees of the Company as the Company looks to deliver against the strategic opportunity outlined at the time of the placing. The Options will provide the potential for rewards only if shareholders benefit from sustained growth in shareholder value over the coming years.\nThe Options have been granted at a price of 4 pence each and cannot be exercised for at least three years from the date of grant (other than on a change of control).\nThe Options have performance criteria linked to the future share price performance of the Company with:\n- One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 12 pence or higher; and\n- One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 16 pence or higher; and\n- One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 20 pence or higher.\nThe Options will vest in full on a change of control provided a minimum price threshold of 10 pence per share is met.\nDavid Whelan and Sandra Whelan have each been granted 13,000,000 options and Seamus Larrissey has granted 3,200,000 options. Following this grant, the shareholding and options held are as follows:\n\n\n\nDirector\n\n\nExisting shareholding\n\n\n% of ISC\n\n\nExistin...