VANCOUVER, BC, Canada – NEXE Innovations Inc., a leader in plant-based materials manufacturing, announces a grant (the “Grant”) to certain directors, officers, employees and consultants of the Company of 3,070,000 options (the “Options”) to purchase up to an aggregate of 3,070,000 common shares of the Company (the “Option Shares”) for a period of five years from March 17, 2022 (the “Grant Date”) at an exercise price of $0.495 per Option Share, being the closing price of the common shares of the Company on the TSX Venture Exchange (the “Exchange”) on March 16, 2022.
The Options will vest in three equal installments with 1/3 vesting six months from the Grant Date, 1/3 vesting 12 months from the Grant Date and the remaining 1/3 vesting 18 months from the Grant Date, all on the terms of the stock option plan of the Company dated March 12, 2021 (the “Plan”) and in accordance with the policies of the Exchange.
The Grant is the first grant of options since the completion of the Company’s going public transaction in December 2020, and was implemented at the recommendation of the Compensation Committee of the Company, following its retention of an independent third party compensation advisor.
Following the Grant, a total of 5,057,538 options remain available for grant under the Plan.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable technology and advanced materials manufacturing based in British Columbia, Canada.
The company has developed one of the only patented, fully compostable, plant-based, single-serve coffee pods for use in leading single-serve coffee machines.
The proprietary NEXE pod is designed to reduce the significant environmental impact caused by single-serve pods, >50 billion of which are discarded every year. With over $60M raised to date from equity and government funding and over five years of R&D, NEXE is well-positioned to meet the growing demand for environmentally friendly and sustainable products in the single-serve coffee sector and beyond. Learn more: https://nexeinnovations.com/