Mr. Paul Rivas reports
NEXTGEN FOOD ROBOTICS ANNOUNCES GRANT OF INCENTIVE AWARDS
Nextgen Food Robotics Corp. has granted an aggregate of 2,527,775 restricted share units (the RSUs) to Paul Rivas, the chief executive officer of the company, pursuant to the company's equity incentive plan, as compensation for continuing services to be rendered to the company.
Each RSU, once vested, will allow Mr. Rivas to acquire one common share of the company. The RSUs will vest in three equal instalments on the dates that are four, 12 and 18 months following the date of grant.
The RSU grant constituted a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 as the exemption from the formal valuation requirement of MI 61-101 and Section 5.7(1)(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the RSU grant, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the RSUs granted exceeded 25 per cent of the company's market capitalization. The material change report to be filed in relation to the RSU grant was not filed at least 21 days prior to the date of grant, as contemplated by MI 61-101, given the company granted the RSUs shortly before the issuance of this news release for sound business reasons.
About Nextgen Food Robotics Corp.
Nextgen Food Robotics is a food manufacturing company that operates commissary kitchens from its two locations in Vancouver. Additionally, Nextgen is developing the Lily app, which is an artificial-intelligence-powered food application.
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