Mr. Eric Negraeff reports
ZINC8 ENERGY SOLUTIONS ANNOUNCES GRANT OF RSUS AND DSUS
Zinc8 Energy Solutions Inc. has granted 850,000 restricted share units (RSUs) and 436,718 deferred share units (DSUs) of the company to certain directors pursuant to the company's long-term incentive plan (LTIP) which was approved by the shareholders on Dec. 17, 2021. Subject to a deferral right, the RSUs vest 25 per cent on Aug. 16, 2022, 25 per cent on Aug. 27, 2022, 25 per cent on Nov. 27, 2022, and 25 per cent on Feb. 27, 2023, and are subject to a hold period of four months and one day from the date of grant as required by the Canadian Securities Exchange policies. The holder can defer any vesting date at their option, on five days prior written notice to the company and in accordance with the terms of the RSU grant notice, to the earlier of the date of a change of control of the company and the date the holder ceases to provide services to the company and to be an eligible participant. The DSUs were issued in lieu of directors' fees payable up to June 30, 2022, at a rate of $7,000 per month to each non-executive director and entitle the holder to be issued the underlying common shares within one calendar year of the holder ceasing to be a director of the company, in accordance with the terms of the LTIP. The non-executive directors will receive grants of DSUs on a quarterly basis going forward in lieu of directors' fees at the aforementioned rate, with the number of DSUs to be granted calculated in accordance with the LTIP. A copy of the LTIP is available under the company's profile on SEDAR.
About Zinc8 Energy Solutions Inc.
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long-duration ZESS (Zinc8 energy storage system) for utilities, microgrid, and commercial and industrial markets. By using the patented ZESS as a stand-alone technology or an enabling technology, it allows opportunities for peak demand reduction, time-of-use arbitrage, and participation in both the value-stacking programs and the distributed long-duration energy storage space, all in conjunction with the opportunity for a significant reduction in carbon footprint. The long-duration (eight to 100-plus hours) ZESS has no fire and explosion risk, has no capacity fade over extensive lifetime, and offers complete charge operational flexibility.
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