Skillsoft Announces Inducement Grant Under NYSE Rule 303A.08

Rhea-AI Summary

Skillsoft Corp. (NYSE: SKIL) announced that on June 4, 2024, its Compensation Committee granted 40,000 restricted stock units (RSUs) to Darren Bance, newly appointed General Manager of Skillsoft Global Knowledge. This grant is a material inducement under the Skillsoft Corp. 2024 Employment Inducement Incentive Award Plan.

The RSUs will vest over four years: 75% ratably over this period, and 25% based on both time- and performance-based conditions. This grant was made in accordance with NYSE Rule 303A.08, which mandates public disclosure of such awards.

Positive

• Grant of 40,000 RSUs to new executive may attract and retain talent.
• Vesting schedule aligns executive incentives with long-term company performance.
• Public disclosure complies with NYSE Rule 303A.08, demonstrating transparency.

Negative

• Potential dilution of existing shareholders' equity due to RSU issuance.
• Performance-based vesting conditions could be challenging to meet, affecting full vesting.

DENVER--(BUSINESS WIRE)-- Skillsoft Corp. (NYSE: SKIL) ("Skillsoft" or the “Company”), a leading platform for transformative learning experiences, today announced that on June 4, 2024, the Compensation Committee of Skillsoft's Board of Directors made a grant to Darren Bance of 40,000 restricted stock units (“RSUs”) in respect of the Company’s Class A common stock. The grant of RSUs was offered as a material inducement to Mr. Bance’s hiring as General Manager of Skillsoft Global Knowledge. Mr. Bance joined the Company on May 6, 2024. The RSUs were granted under the Skillsoft Corp. 2024 Employment Inducement Incentive Award Plan and vest (i) with respect to 75% of such RSUs, ratably over four years, and (ii) with respect to 25% of such RSUs, based on the achievement of both time- and performance-based vesting conditions, as determined by the Board of Directors, in each case, subject to Mr. Bance’s continued employment with the Company through each vesting date.

The awards were granted in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. The Company is issuing this press release pursuant to Rule 303A.08.

About Skillsoft

Skillsoft (NYSE: SKIL) delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of best-in-class content, a platform that is personalized and connected to customer needs, world-class tech and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skill gaps and unlocking human potential.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606211892/en/

Investors

Chad Lyne

chad.lyne@skillsoft.com



Media

Cameron Martin

Cameron.martin@skillsoft.com

Source: Skillsoft Corp.

FAQ

What did Skillsoft announce on June 4, 2024?

Skillsoft announced the grant of 40,000 RSUs to Darren Bance, its new General Manager of Global Knowledge.

Why did Skillsoft grant RSUs to Darren Bance?

The RSUs were granted as a material inducement for Darren Bance's hiring.

What is the vesting schedule for the RSUs granted to Darren Bance?

75% of the RSUs vest ratably over four years, while 25% vest based on time- and performance-based conditions.

Under what rule was the RSU grant to Darren Bance made?

The RSU grant was made under NYSE Rule 303A.08, which requires public announcement of inducement awards.