Global provider of award-winning fintech and e-commerce solutions, Logiq Inc (OTCMKTS:LGIQ) on September 3, 2021, announced granting and issuing a cumulative of 1,242,187 common stock under an equity incentive plan for some consultants and employees of the firm.
The stock awards were given at a deemed price of C$5.20 per share pursuant to the Registration Statement under the U.S. Securities Act of 1933, as modified for the 32,000 Stock Awards given to the President of the firm, Brent Suen. Furthermore, 100,000 more Stock Awards were given to Haig Newton, the President of the Company’s DataLogiq division.
The awards would be not given to recipients until the firm receives shareholder approval for its equity incentive plan, which will happen later in the year. The permission of Stock awards includes related party transactions under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Logiq has depended on exemptions from minority shareholder approval needs, as mentioned in sections 5.5(a) and 5.7(1)(a).
Logiq also confirmed on the issuance of 485,390 common stock to some former and current service providers. 300,000 of Compensation Shares were also given to 2143723 Alberta, Ltd. in relation to a consulting agreement for some business advisory as well as financial services while 130,000 of the Compensation Shares was given to its COO Daniel Urbino.