TradeWindow Issues Share Options To Independent Directors
Auckland, NZ. TradeWindow (NZX: TWL) is issuing 300,000 options (Options) to the three Independent Directors of TradeWindow, being Alasdair MacLeod, Diana Puketapu and Philip Norman, as approved by resolution at the Annual General Meeting of Shareholders held online on 14 September 2022. The issue of the Options is to occur today (15 September 2022).
Each Option will, upon vesting and exercise of the Option, entitle the holder to one ordinary share in the Company. The Options will be issued today (15 September 2022) but with an effective date of 14 September 2022 (Effective Date), with a nil issue price and will vest in the following tranches:
2/3 of options vest on 30 September 2023
1/3 of options vest on 30 September 2024
The issue price for the Options is the VWAP of TradeWindow Shares over the 20 Business Day period prior to the Effective Date, subject to a floor price of NZ$0.70 per share (i.e., whichever is higher).
TradeWindow considers that issuing the Options to the Independent Directors will assist in aligning incentives with those of the shareholders of TradeWindow and in encouraging those directors to pursue long term value creation for the Company.
Following the issue of the Options the total number of shares, live options, and deferred share rights is: