Stock incentive plan and update to MVEN Capital Structure
On April 4, 2019, Maven's Board of Directors approved the Company’s 2019 Equity Incentive Plan. The purpose of the Plan is to seek to better secure and retain the services of key personnel, to provide incentives for those persons to exert maximum efforts for the success of the Company and its affiliates, and to provide a means by which those persons have an opportunity to benefit from increases in the value of the Company’s Common Stock through the granting of stock awards.
The Plan allows the Company to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards and/or restricted stock units awards to acquire up to 48,364,018 shares of the Company’s Common Stock to the Company’s employees, directors and consultants.
The Company presently intends to issue stock awards under the Plan to purchase up to 43,967,289 shares of Common Stock to its employees, directors and/or consultants, subject in each case to the vesting terms and conditions described below.
The stock awards will vest based on both time vesting and targets tied to the Company’s Common Stock as follows:
- A minimum of 12 months must have passed since the grant date; and
- Vesting over three years from grant.
Stock Price Targets
- The Common Stock must be listed on a national securities exchange (e.g., NASDAQ; NYSE); and
- Incremental vesting upon achievement of certain stock price targets
The Plan is further detailed in our filing and associated exhibit.
Last week, Maven announced a follow-on investment and updates to our our capital structure, whereby on a fully diluted basis the Company, as of March 25, 2019, would have 170,928,678 shares of Common Stock Equivalents issued and outstanding*. Combined with stock awards the company intends to issue under the newly approved Equity Incentive Plan described below, those fully diluted shares would total 219,292,696*.
*subject to anti-dilution and reorganization adjustments, as detailed in our filing
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