RE: RNS23 Dec 2021 10:33
Issue of Performance Rights
Seeing Machines Limited (AIM: SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces that it has awarded performance rights in respect of a total of 64,996,414 Ordinary Shares ("Performance Rights") to 56 staff under its existing Long Term Incentive ("LTI") scheme.
14,845,702 of the Performance Rights under the LTI have been awarded in recognition of the past achievement of the Company's objectives in FY2021. These awards vest annually in three equal tranches.
The balance of the Performance Rights, namely 50,150,712 have been granted under Key Person Agreements in respect of a total of 27 nominated key people. These people have been identified as having key roles directly related to the Company's long-term success and the allocation of accelerated Performance Rights has been implemented by the Board to successfully retain these employees and affirm successful delivery on a range of projects and customer commitments. These awards have an accelerated grant with delayed vesting taking place on 1 July 2024. The awards are forefeited in the event that the relevant individual does not remain with Seeing Machines.
The Performance Rights have an exercise price ranging between 9.3 and 9.4 pence, being the 30 day VWAP prior to 30 June 2021 (relating to the accelerated Performance Rights) and the 5 day VWAP prior to 30 June 2021 (relating to the non-accelerated LTI Performance Rights).
Of the 64,986,215 Performance Rights issued to staff under the LTI scheme, a total of 4,856,164 Performance Rights have been issued to Naomi Rule, CFO. Following this grant, Ms Rule now holds Performance Rights over a total of 6,036,368 Ordinary Shares, representing 0.15% of the current issued share capital.
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