Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS PROVIDES CORPORATE UPDATE
With respect to employee support and engagement incentives, effective Oct. 5, 2022, Zinc8 Energy Solutions Inc. has granted an aggregate of 6.6 million restricted share units to certain key executive and non-executive employees in accordance with the company's long-term incentive plan (LTIP). The RSUs vest in stages as follows: Three million five hundred fifty thousand RSUs vest in stages with 25 per cent vesting on the date of grant and 25 per cent vesting each quarter thereafter; 750,000 RSUs vest as to 25 per cent on the date of grant with the balance vesting over 24 months upon the achievement of performance-based milestones; 700,000 RSUs vest as to 140,000 RSUs each on the date of grant, Jan. 5, 2023, July 1, 2023, Jan. 5, 2024, and July 1, 2024; 250,000 RSUs vest as to 33,333 on each of Dec. 5, 2022, and June 6, 2023, 33,334 on Dec. 5, 2023, and 50,000 on each of June 5, 2024, Dec. 5, 2024, and Jan. 5, 2025; 450,000 RSUs vest as to 60,000 on Nov. 14, 2022, with the balance vesting over four years from the date of grant based upon the achievement of performance-based milestones; 500,000 RSUs vesting as to 100,000 RSUs on Dec. 1, 2022, and the balance vesting over 24 months from the date of grant based on the achievement of performance-based milestones; and 400,000 RSUs vesting as to 100,000 RSUs on the date of grant and the balance vesting over three years from the date of grant based on the achievement of certain performance-based milestones. All the RSUs are subject to a deferral right whereby holders 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 RSUs and underlying common shares are subject to a hold period of four months and one day from the date of grant in accordance with the policies of the Canadian Securities Exchange. A copy of the LTIP is available under the company's profile on SEDAR.
The company also announces that Tom Hodgson has resigned as a director of the company. The board of Zinc8 would like to thank Mr. Hodgson for his insight and experience in helping move the company toward commercialization and wishes him well in his future endeavours.
"I would like to thank Tom for his support and guidance throughout his time with us," said Ron MacDonald, chief executive officer and president of Zinc8. "His contributions have assisted in setting up the company for its transition towards having a production facility, and we look forward to the continued buildout of our strategy. On behalf of the board and all of Zinc8's employees, I would like to wish him the very best."
The company announces that it has voluntarily filed an annual information form (AIF) for the year ended Dec. 31, 2021, with the Canadian securities regulatory authorities on SEDAR. An electronic copy of the AIF may be obtained on Zinc8's website and on the company's SEDAR profile.
Zinc8 has entered into an agreement with OGIB Corporate Bulletin dated Oct. 5, 2022, for the provision of various corporate communications services for a 12-month term. Pursuant to the agreement, the company will pay to the service provider $150,000 in cash over the term. The company and the service provider act at arm's length. The service provider is a Canadian editor and publisher which produce informational content targeted to retail investors, which is published on two websites.
Zinc8 focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and commercial and industrial markets. By using the patented ZESS as a stand-alone 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 an extensive lifetime, and offers complete charge operational flexibility.
About Zinc8 Energy Solutions Inc.
Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.
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