REG - Seeing Machines Ltd - CEO Incentive Plan

Seeing MachinesAnnouncement

30/06/2023 07:00

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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)           +44 20 7664 5095

 James Styles

Jonathon Brill

 seeingmachines@dentonsglobaladvisors.com
 (mailto:seeingmachines@dentonsglobaladvisors.com)

 

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 (http://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 instrument, type of  Performance Rights and Options 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 as above

     ·      Aggregated volume

     ·      Price
 e)  Date of the transaction:                          30 June 2023
 f)  Place of the transaction:                         Outside a trading venue

d)

Aggregated information:

·      Aggregated volume

·      Price

N/A - single transaction as above

e)

Date of the transaction:

30 June 2023

f)

Place of the transaction:

Outside a trading venue

 

 

 

 

 

 

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