Business
Update re Director remuneration and Broker Option
Update re Director remuneration and Broker Option.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n 04 April 2023\n \n \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 Agreements allowing for settlement of Director remuneration in new Ordinary Shares\n \n \n \n \n \n \n \n \n \n Extension of period to exercise Broker Option\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 provides the following update in respect of the proposed payment of a proportion of Executive Directors' remuneration payable in 2023 to be satisfied through the issue of new Ordinary Shares, as noted in the Company's announcement of 21 March 2023 (the \"Announcement\").\n \n \n \n \n \n The Announcement stated that the Board of Directors had proposed that 24% of Executive Directors' remuneration payable in 2023 could be satisfied, at the discretion of the Company's remuneration committee, by the issue of new Ordinary Shares. The Company has now entered into such agreement with the Executive Directors by way of a variation letter (the \"Variation Agreements\"). Each Variation Agreement facilitates the satisfaction of up to 24% of each Executive Director's 2022 total cash compensation, in the form of new Ordinary Shares.\n \n \n \n \n \n The key terms of the Variation Agreements are as follows:\n \n \n \n \n \n ·\n The aggregate value of share-settled remuneration to the Executive Directors totals £242,772 (the \"Value\"), equating to a maximum of, in aggregate, 110,351,079 new Ordinary Shares should the remuneration committee decide to settle such amount through the issuance of new Ordinary Shares, being calculated at the Placing price of 0.22 pence per share;\n \n \n \n \n \n ·\n New Ordinary Shares will be issued on a net-settled basis, offset for any tax-related expenses or other statutory obligations; and\n \n \n \n \n \n ·\n Timing and payment of any settlement in new Ordinary Shares is at the discretion of the remuneration committee, but should it be settled in Ordinary Shares it will be within the 2023 financial year.\n \n \n \n \n \n \n Related Party Transactions - Directors' participation in the STI Agreement\n \n \n \n \n \n \n \n \n Yoel Alemán, David ...