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Friday, 12/17/2021 9:31:54 AM

Friday, December 17, 2021 9:31:54 AM

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EnWave Announces Grant of Restricted Share Rights and Stock Options to Directors and Officers
GlobeNewswireDec 17, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 17, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that pursuant to the Company’s Restricted Share Rights Plan, an aggregate total of 245,000 Restricted Share Rights (“RSRs”) were awarded to the independent directors and certain officers of the Company. The RSRs granted will vest three years from the date of award on December 16, 2024. Equity incentive awards form part of the Company’s annual independent director compensation program.

Additionally, the Company has granted an aggregate total of 800,000 incentive stock options pursuant to the Company’s Stock Option Plan (the “Plan”) to officers of the Company. The incentive stock options are exercisable at a price of $0.90 per share, the last closing price per share on the Company’s common shares on the TSX Venture Exchange (“TSXV”) on the date of the grant. The incentive stock options are exercisable for a term of five years expiring on December 16, 2026 and will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSXV.

These equity incentive awards are subject to regulatory approval.