Business
Fusion Fuel Announces Option Grants for Senior Managers; Will Improve Alignment of Interests with Shareholders
DUBLIN, Ireland, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO) ("Fusion Fuel" or the “Company”), an emerging leader in the green
About this update from Fusion Fuel Green Plc
[{"type":"text","content":"DUBLIN, Ireland, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO) (\"Fusion Fuel\" or the “Company”), an emerging leader in the green hydrogen sector, announced that under the Fusion Fuel Employee Incentive Plan, its Board of Directors (“the Board”) approved an award of options for five of its senior managers. With regard to each senior manager, the award comprises three elements: A grant of an option to purchase 200,000 Class A Ordinary Shares to vest over a three-year period having an exercise price of $10.50 per share.A grant of an option to purchase an additional 200,000 Class A Ordinary Shares to vest upon Fusion Fuel’s share price closing at or above $18.00 during twenty trading days out of any thirty consecutive trading day period having an exercise price of $10.50 per share.Eligibility to receive an option to purchase up to an additional 50,000 Class A Ordinary Shares for each of calendar years 2022, 2023, and 2024, each to be granted based on individual performance at the discretion of the Compensation Committee of the Board having an exercise price equal to the average last sales price of the Class A Ordinary Shares over the five (5) consecutive trading day period ending on the date of grant, but in no event to be lower than $10.50 per share. All options granted will expire on December 31, 2028. The senior managers, all members of the Executive Committee, included in the option grant are Frederico Figueira de Chaves, Chief Financial Officer; Jaime Silva, Chief Technology Officer; Joao Teixeira Wahnon, Chief of Business Development; and Jason Baran and Zach Steele, the recently hired Co-Presidents of Fusion Fuel USA. The affiliate entities of Messrs. Figueira de Chaves, Silva and Wahnon have forfeited all rights that they previously held under the earnout provision of the Business Combination Agreement with HL Acquisitions. This forfeiture eliminates the potential issuance of 852,750 Class A Ordinary Shares and 852,750 Warrants. The Company continues to have a potential obligation for the issuance of up to 284,250 Class A Ordinary Shares and 284,250 Warrants to one of the original owners of Fusion Welcome subject to the aforementioned earnout provisions. Commenting on both the option awards and the earnout forfeitures, Jeffrey Schwarz, Fusion Fuel’s Board Chair observed, “As a Board of Directors, w...