Approval of an incentive scheme for employees in Knowledge AI
The EGM resolved, with the required majority, in accordance with
The proposed incentive program means that the participants will be granted stock options free of charge. The program comprises a maximum of 3,000,000 stock options, representing approximately 25% cent of the share capital and votes after dilution, based on the current number of shares in Knowledge AI.
The options will become exercisable as to 20% of the options on the first anniversary of the date of grant of the options and as to an additional 20% of the options at the end of each thereafter successive anniversary of the date of grant until the fifth anniversary of the date of grant.
The options may not be exercised unless the participant, at the time he or she exercises the options, is, and has been at all times since the date of grant of the options, an employee or officer of, or consultant or advisor to, Knowledge AI or any parent or subsidiary of Knowledge AI (an “Eligible Participant”).
If the participant ceases to be an Eligible Participant for any reason, then, the right to exercise the options shall terminate three months after such cessation, provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise the options on the date of such cessation.
The stock options can be exercised to purchase common stock in Knowledge AI no later than on the tenth anniversary from the date of grant of the options minus one day, after which any outstanding options lapse. Each option entitles the participant to purchase one common stock in Knowledge AI at a price equal to fair market value at the date of grant of the options.
Authorization for the Board of Directors to resolve to issue new shares, warrants and/or convertible bonds
The EGM resolved, with unanimous votes, in accordance with the Board of Directors’ proposal to authorize the Board of Directors to resolve, on one or several occasions during the period until the next AGM, with or without deviation from the shareholders’ preferential rights, against cash payment, for payment in kind or by way of set-off, to issue ordinary shares, warrants and/or convertible bonds that involve the issue of or conversion into a maximum of 20,000,000 ordinary shares, corresponding to a dilution of approximately 11.7% of the share capital and votes, based on the current number of shares in the Company.
For further information, please contact:
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Attachment
- Bulletin from the EGM
January 13, 2020
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