UGE Announces Grant of Securities and Board Committee Appointments
Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar, announces a grant of securities and board committee appointments.
Effective August 25, 2023, the Company's Board of Directors granted a total of 120,000 Performance Share Units ("PSUs"), 180,000 Restricted Share Units ("RSUs"), 370,000 Deferred Share Units ("DSUs") and 100,000 options to various Officers, Directors, and Senior Management of the Company. The DSUs and RSUs vest after one year, the Options and PSUs vest no earlier than one year from date of issue. The shares in the Company related to the PSUs are awarded based on meeting certain performance metrics associated with fiscal years 2023, 2024, and 2025, and those performance metrics have been established such that the number of shares awarded can range from 0% to 150%.
In addition, on August 23, 2023, the Company's Board of Directors appointed Nick Blitterswyk as Chair of the Company's Board of Directors, Stephen Blum as Lead Independent Director, Jian Yang as Chair of Audit Committee, and Chris Asimakis as Chair of the Governance, Nominating, and Compensation Committee, together with approving the composition of each of these Committees of the Board.
About UGE
UGE develops, owns, and operates commercial and community solar and battery storage projects. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact UGE:
Nick Blitterswyk - investors@ugei.com or +1 917 720 5685.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the listing of the Green Debentures on the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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