IQ-AI Limited Grant of Options

RNS Number : 5260F

IQ-AI Limited

05 March 2024

 

IQ-AI Limited

("IQ-AI" or the "Company")

Grant of Options

 

IQAI Limited (the "Company" or "IQAI"), announces that, the Company has granted options over a total of 18,905,474 ordinary shares of £0.01 each in the Company ("Ordinary Shares") to the Directors and employees to the Company (the "Options"). All Options are exercisable for 10 years from the date of grant.

 

In aggregate, 18,130,474 Options have been granted to Directors of the Company, as follows:

 

	New options	Percentage of the current issued share capital of the Company
Trevor Brown	3,000,000	1.35
Mike Schmainda	8,630,474	3.89
Vinod Kaushal	6,000,000	2.71
Brett Skelly	500,000	0.23

                                                           

The options granted to employees will vest annually in four equal tranches with the first quarter vesting upon grant. Half of Mr Kaushal's options will vest immediately, 1,500,000 options will vest after one year, and the balance will vest after two years. Mr Brown, Mr Schmainda and Mr Skelly's options will vest immediately.                                                                        

 

Following the grant of the Options and historic options held by employees, the Company now has options outstanding over a total of 19,680,474 Ordinary Shares, equivalent to 8.88% of the Company's current issued share capital.

 

Further details of the Options can be found in the Notification of Dealing Form below.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Trevor Brown Chief Executive Officer Mike Schmainda Executive Director Vinod Kaushal Non-Executive Director Brett Skelly Non-Executive Director
2	Reason for the notification
a)	Position/status	See 1a) above
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IQ-AI Limited
b)	LEI	213800SPW48XRJS2QH57
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument   Identification code	Ordinary shares of £0.01 pence each in IQ-AI Limited   JE00BD4H0R42
b)	Nature of the transactions	Grant of options over ordinary shares
c)	Price(s) and volume(s)	Price:  Exercise price of £0.019 per option   Trevor Brown 3,000,000 Mike Schmainda 8,630,474 Vinod Kaushal 6,000,000 Brett Skelly 500,000
d)	Aggregated information - Aggregated volume - Price - Principal amount	N/A
e)	Dates of the transaction	5 March 2024
f)	Place of transaction	Outside a trading venue

 

 

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

**ENDS**

 For further information please contact:

 

IQ-AI Limited

Trevor Brown/Brett Skelly/Vinod Kaushal

Tel: [phone]

 

Peterhouse Capital Limited (Financial Adviser and Broker)

Lucy Williams/Heena Karani

Tel: [phone]                 

 

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END

 

 

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