Seeing Machines Limited CEO Incentive Plan (4573E)
June 30 2023 - 2:00AM
UK Regulatory
TIDMSEE
RNS Number : 4573E
Seeing Machines Limited
30 June 2023
Seeing Machines Limited
("Seeing Machines" or the "Company")
30 June 2023
CEO Incentive Plan
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the
"Company"), the advanced computer vision technology company that
designs AI-powered operator monitoring systems to improve transport
safety, is pleased to announce that the Board has extended the
terms of its employment contract with CEO Paul McGlone for a 3-year
period to 30 June 2026 and invited him to participate in the Seeing
Machines Employee Benefits Plan ("the Plan) in respect of
10,000,000 ordinary shares of no par value in the Company
("Ordinary Shares") as outlined below.
As part of the Plan, Mr McGlone will be awarded rights in
respect of 10,000,000 Ordinary Shares, to vest on 30 June 2026,
conditional on the satisfaction of key conditions, including a
target share price performance to be measured on 30 June 2026. The
issue of these Ordinary Shares will be subject to shareholder
approval.
In addition, previously issued rights of 15,000,000 Ordinary
Shares via the Plan in 2019 will be rolled over and extended to
vest on 30 June 2026. Vesting hurdles have not been met on
10,000,000 of these rights as at the original dates of 30 June 2022
and 2023, with the further 5,000,000 rights originally set to be
tested at 30 June 2024. The full amount of 15,000,000 rights will
now be extended to 30 June 2026 and vesting will be conditional on
the satisfaction of the abovementioned conditions.
Further, the Company previously issued 12,000,000 options to Mr
McGlone as part of the Company's Call Option Scheme which have now
fully vested and are set to expire on 30 June 2023. The life of
these options has also been extended to 30 June 2026.
The extension of previously issued rights and options has been
granted by the Board as it believes the hard work and leadership
demonstrated by Mr McGlone and the bolstered position of Seeing
Machines across the market is inconsistent with and not reflected
by the current share price. The Company also believes it is
important to encourage its senior employees, including the CEO, to
participate in its success by giving them the opportunity to access
long term incentives that are dependent on the delivery of value
creation and aligned to the interests of shareholders.
Chair of Seeing Machines, Kate Hill, commented: "We are
delighted to extend Paul's employment contract and look forward to
working with him to continue transforming the business. In his time
as CEO, Paul has made a huge impact on the company, achieving
significant business improvements and establishing Seeing Machines
as the leading supplier of driver and occupant monitoring system
technology."
Enquiries:
Seeing Machines Limited +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Stifel Nicolaus Europe Limited (Nominated
Adviser and Broker) +44 20 7710 7600
Alex Price
Nick Adams
Fred Walsh
Ben Burnett
Dentons Global Advisors (Media Enquiries)
James Styles
Jonathon Brill
seeingmachines@dentonsglobaladvisors.com +44 20 7664 5095
About Seeing Machines (AIM: SEE), a global company founded in
2000 and headquartered in Australia, is an industry leader in
vision-based monitoring technology that enable machines to see,
understand and assist people. Seeing Machines' technology portfolio
of AI algorithms, embedded processing and optics, power products
that need to deliver reliable real-time understanding of vehicle
operators. The technology spans the critical measurement of where a
driver is looking, through to classification of their cognitive
state as it applies to accident risk. Reliable "driver state"
measurement is the end-goal of Driver Monitoring Systems (DMS)
technology. Seeing Machines develops DMS technology to drive safety
for Automotive, Commercial Fleet, Off-road and Aviation. The
company has offices in Australia, USA, Europe and Asia, and
supplies technology solutions and services to industry leaders in
each market vertical.
www.seeingmachines.com
Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Paul McGlone
------------------------------------ ---------------------------------
Reason for the notification
-----------------------------------------------------------------------
a) Position/Status: Chief Executive Officer
------------------------------------ ---------------------------------
b) Initial notification/Amendment: Initial notification
------------------------------------ ---------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Seeing Machines Limited
------------------------------------ ---------------------------------
b) LEI: 549300LNJJPZ2SU7A197
------------------------------------ ---------------------------------
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 Performance Rights and Options
instrument, type of Grant
Identification Code ISIN: AU0000XINAJ0
------------------------------------ ---------------------------------
b) Nature of the transaction: Issue of performance rights
and share options
------------------------------------ ---------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
nil par value 10,000,000
-----------
------------------------------------ ---------------------------------
d) Aggregated information: N/A - single transaction
* Aggregated volume as above
* Price
------------------------------------ ---------------------------------
e) Date of the transaction: 30 June 2023
------------------------------------ ---------------------------------
f) Place of the transaction: Outside a trading venue
------------------------------------ ---------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDZGZVNLZGFZM
(END) Dow Jones Newswires
June 30, 2023 02:00 ET (06:00 GMT)
Seeing Machines (LSE:SEE)
Historical Stock Chart
From Nov 2024 to Dec 2024
Seeing Machines (LSE:SEE)
Historical Stock Chart
From Dec 2023 to Dec 2024
