Business
Amendments to Employment Incentive Warrant Pool
Amendments to Employment Incentive Warrant Pool.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n 22 December 2022\n \n \n \n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Amendments to Employment Incentive Warrant Pool\n \n \n \n \n \n \n \n \n \n Issue of Warrants to Director\n \n \n \n \n \n \n \n \n \n \n \n EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation announces amendments to the Company's Employment Incentive Warrant Pool (the \"EIWP\").\n \n \n \n \n \n The Company on 31 March 2020 announced creation of the EIWP\n to incentivise and retain key managers throughout a challenging and transformational period. The EIWP allowed for issue of up to 590,906,437 warrants (\"EIWPWarrants\") over new ordinary shares of €0.001 each in the Company (\"Ordinary Shares\") to directors and employees, exerciseable for 36 months from the date the EIWP was created.\n The exercise price of the EIWP Warrants was set at £0.0025 per Ordinary Share, representing, at the time, a premium of 43% to the middle market closing price of the Company's Ordinary Shares.\n \n \n \n \n \n To date, 519,609,299 EIWP Warrants have been allocated, including 196,968,812 EIWP Warrants allocated to CEO David Palumbo and 98,484,406 EIWP Warrants allocated to CTO Yoel Alemán, with an unallocated balance of 71,297,138 EIWP Warrants. The total amount of unexercised warrants stands at 404,325,407 representing 4.29% of the Company's Issued Share Capital (inclusive of the allocation to Jeffrey Vander Linden below) .\n \n \n \n \n \n The Company's Board of Directors has agreed to\n extend the existing EIWP through an increasingly challenging and transformational period. To bring the EIWP in line with current market performance, t\n he Company has amended its terms as follows:\n \n \n \n \n \n ·\n The EIWP Warrant exercise period will be extended by 24 months, to 31 March 2025.\n \n \n ·\n The EIWP Warrant exercise price will be increased to £0.0045 per Ordinary Share, representing a premium of 60% to the market closing price on 21 December 2022.\n \n \n ·\n From 22 December 2022 EIWP Warrantholders will only be allowed to exercise their EIWP Warrants subject to the following conditions:\n \...