NowVertical CEO Takes Equity Bonus in Lieu of Cash, Underscoring Shareholder Alignment
NowVertical Group (TSXV: NOW) announced that CEO Sandeep Mendiratta has chosen to receive his annual bonus in the form of 750,000 restricted share units (RSUs) instead of cash compensation. The RSUs, granted under the company's omnibus incentive compensation plan, will vest on the first anniversary of the grant date. Upon vesting, each RSU will convert to one Class A subordinate voting share or cash equivalent.
Board Chair Elaine Kunda praised Mendiratta's leadership, highlighting his positive impact on organic growth and balance sheet strengthening throughout a transformational 2024. This decision aligns with NOW's broader strategy to align management interests with those of shareholders.
NowVertical Group (TSXV: NOW) ha annunciato che il CEO Sandeep Mendiratta ha scelto di ricevere il suo bonus annuale sotto forma di 750.000 unità azionarie riservate (RSU) invece di un compenso in contante. Le RSU, concesse nell'ambito del piano di compensazione per incentivo omnibus dell'azienda, matureranno alla prima ricorrenza della data di concessione. Al momento della maturazione, ogni RSU si convertirà in un'azione di Classe A subordinata con diritto di voto o in un equivalente in contante.
La presidente del consiglio Elaine Kunda ha lodato la leadership di Mendiratta, sottolineando il suo impatto positivo sulla crescita organica e sul rafforzamento del bilancio durante un 2024 trasformativo. Questa decisione è in linea con la strategia più ampia di NOW di allineare gli interessi del management con quelli degli azionisti.
NowVertical Group (TSXV: NOW) anunció que el CEO Sandeep Mendiratta ha optado por recibir su bonificación anual en forma de 750,000 unidades de acciones restringidas (RSUs) en lugar de compensación en efectivo. Las RSUs, concedidas bajo el plan de compensación por incentivos omnibus de la empresa, se consolidarán en el primer aniversario de la fecha de concesión. Al consolidarse, cada RSU se convertirá en una acción de Clase A subordinada con derecho a voto o su equivalente en efectivo.
La presidenta de la junta, Elaine Kunda, elogió el liderazgo de Mendiratta, destacando su impacto positivo en el crecimiento orgánico y el fortalecimiento del balance durante un 2024 transformador. Esta decisión se alinea con la estrategia más amplia de NOW para alinear los intereses de la gestión con los de los accionistas.
NowVertical Group (TSXV: NOW)은 CEO Sandeep Mendiratta가 현금 보상 대신 750,000개의 제한주식단위 (RSUs) 형태로 연간 보너스를 받기로 결정했다고 발표했습니다. 이 RSU는 회사의 공통 인센티브 보상 계획에 따라 제공되며, 부여일의 첫 번째 기념일에 성립됩니다. 성립 시, 각 RSU는 하나의 A 클래스 의결권이 없는 주식 또는 그에 상응하는 현금으로 전환됩니다.
이사회 의장인 Elaine Kunda는 Mendiratta의 리더십을 칭찬하며, 2024년의 변혁적인 기간 동안 유기적 성장과 재무상태 강화에 미친 긍정적인 영향을 강조했습니다. 이 결정은 NOW의 광범위한 전략과 일치하여, 경영진의 이익을 주주와 일치시키고자 합니다.
NowVertical Group (TSXV: NOW) a annoncé que le PDG Sandeep Mendiratta a choisi de recevoir son bonus annuel sous forme de 750 000 unités d'actions restreintes (RSU) au lieu d'une compensation en espèces. Les RSU, accordées dans le cadre du plan de compensation incitative omnibus de l'entreprise, seront acquises à la première date anniversaire de la date d'octroi. Lors de l'acquisition, chaque RSU sera convertie en une action de Classe A à droit de vote ou en équivalent en espèces.
La présidente du conseil, Elaine Kunda, a loué le leadership de Mendiratta, soulignant son impact positif sur la croissance organique et le renforcement du bilan tout au long d'une année 2024 transformative. Cette décision s'inscrit dans la stratégie plus large de NOW visant à aligner les intérêts de la direction avec ceux des actionnaires.
NowVertical Group (TSXV: NOW) gab bekannt, dass CEO Sandeep Mendiratta sich entschieden hat, seinen Jahresbonus in Form von 750.000 eingeschränkten Aktieneinheiten (RSUs) anstelle von Barvergütung zu erhalten. Die RSUs, die im Rahmen des Unternehmensplans zur omnikompetitiven Vergütung gewährt werden, werden am ersten Jahrestag des Gewährungsdatums fällig. Bei Fälligkeit wird jede RSU in eine stimmberechtigte Vorzugsaktie der Klasse A oder in einen Barwert umgewandelt.
Die Vorstandsvorsitzende Elaine Kunda lobte Mendirattas Führung, indem sie seinen positiven Einfluss auf das organische Wachstum und die Stärkung der Bilanz während eines transformativen Jahres 2024 hervorhob. Diese Entscheidung entspricht NOWs umfassenderer Strategie, die Interessen des Managements mit denen der Aktionäre in Einklang zu bringen.
- CEO opts for equity-based compensation over cash, demonstrating confidence in company's future
- Management interests further aligned with shareholders through RSU-based compensation
- Company reports improved organic growth and stronger balance sheet in 2024
- Potential future dilution from 750,000 RSUs upon vesting
Toronto, Ontario--(Newsfile Corp. - January 13, 2025) - NowVertical Group Inc. (TSXV: NOW) ("NowVertical" or the "Company"), a leading data analytics and AI solutions provider, is pleased to announce that Sandeep Mendiratta, the Chief Executive Officer and a Director of the Company, has elected to receive his annual bonus in the form of restricted share units in the capital of the Company ("RSU").
"Sandeep has positively impacted the business, improving all aspects from organic growth, strengthening the Company's balance sheet, and leading the business through a transformational 2024," said Elaine Kunda, NowVertical's Board Chair. "NowVertical is well positioned to size organic growth opportunities ahead thanks to Sandeep's focused leadership, vision, and continued dedication."
In lieu of a cash bonus, Mr. Mendiratta has elected to receive an aggregate of 750,000 RSUs pursuant to the Company's omnibus incentive compensation plan (the "Plan"). The grant is intended to appropriately reward past and ongoing contributions and to incentivize contributions to NOW's success in the future. The grant is part of a broader strategy by NOW to continue to align its management team with shareholder interests.
In accordance with the terms of the Plan, the RSUs will vest on the first anniversary of the date of grant. Upon vesting, each RSU will entitle Mr. Mendiratta to receive one (1) Class A subordinate voting share in the capital of the Company (each a "Share") or, subject to the determination of the Company, a cash amount equivalent to the value of one (1) Share.
About NowVertical Group Inc.
The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company's AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Andre Garber, CDO
IR@nowvertical.com
Nikhil Thadani, Investor Relations and Communications
nik@sophiccapital.com
t: (289) 667-1977
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together "forward-looking statements"), including, without limitation: statements pertaining to the ability of the Company to, the approval of the TSXV and the issuance of RSUs, the alignment of the Company's leadership and shareholders, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company's management's discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236935
FAQ
How many RSUs did NowVertical's CEO receive instead of cash bonus?
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