Russell Starr commented on his new role, stating, "Joining CULT Food Science at this pivotal moment is incredibly exciting. The company is at the forefront of a revolutionary shift in the global food industry, leveraging innovative lab-grown meat and cellular agriculture technologies to create sustainable, ethical, and scalable food solutions. Institutional capital is showing a keen interest in this growth sector, and I am thrilled to contribute my experience to enhance CULT's visibility and help the company reach its full potential."
The Company has engaged Mr. Starr for a twelve month term (the "Term") and has granted 1,000,000 Restricted Share Units ("RSUs") and 500,000 stock options (each, an "Option") in accordance with the Company's restricted share unit and stock option plans. Each RSU is exercisable for a period of two years at no additional cost and the RSUs will vest in three equal tranches four months, eight months, and twelve months after the date of the grant. Each Option is exercisable for a period of two years to acquire one common share in the capital of the Company (each a "Share") at a price of $0.155 per Share, being the closing price of the Shares on the Canadian Securities Exchange on May 21, 2024. All Options vested completely on issuance and are subject to a four month hold period.
Source : Newswire.ca