Business
Notice of GM and proposed grant of options
Notice of GM and proposed grant of options.
About this update from Ethernity Networks Ltd.
[{"type":"text","content":"\n\n15 November 2024\nETHERNITY NETWORKS LIMITED\n(\"Ethernity\" or the \"Company\")\n \nProposed option grants and notice of EGM\n \nEthernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces the grant of options to certain employees, the proposed grant of options to certain directors of the Company (the \"Option Grants\") and provides notice of an extraordinary general meeting of the Company (the \"EGM\"), which is being convened, inter alia, for the purpose of seeking shareholder approval for the Option Grants.\n \nOption Grants and proposed Option Grants\n \nFollowing the approval and recommendation of the Company's Remuneration Committee, the Board of Directors approved the grant of Options to the Company's Executive Directors and the Company's Chairman of the Board (in compliance with the Company's compensation policy), and also to Company employees and subcontractors in order to encourage their retention, implement and deliver the business strategy and completing the product development, to enable the Company's growth, success and a potential improvement in the share price whilst conserving cash. In total, 63,600,000 options (the \"Options\") over new ordinary shares of NIS 0.001 each (\"Ordinary Shares\") are to be granted. 32,981,830 Options have been granted to certain employees and subcontractors of the Company. A further 30,618,170 are proposed to be granted to certain directors of the Company as follows:\n \n\n\n\n\nDirector\n\n\nNo. of Options proposed to be granted\n\n\nTotal options over Ordinary Shares held post grant\n\n\nPercent of issued share capital\n\n\n\n\nDavid Levi (CEO)\n\n\n21,789,223\n\n\n33,497,242\n\n\n3.71%\n\n\n\n\nShavit Baruch (VP R&D)\n\n\n6,574,161\n\n\n11,070,118\n\n\n1.23%\n\n\n\n\nYosi Albagli (Chairman)\n\n\n2,254,786\n\n\n2,749,455\n\n\n0.30%\n\n\n\n\nTOTAL\n\n\n30,618,170\n\n\n47,316,815\n\n\n5.24%\n\n\n\n\n \nPer applicable UK law and the AIM Rules for Companies, as long as the Options are allocated in accordance with the Company's compensation policy, there is no need for obtaining shareholder approval. However, under Israeli law, the grants of Options to the Company's Executive Directors and to the Company's Chairman are subject to approval of the shar...