Issuance is part of normal course of incentive program for key team members and funded from existing employee option pool with no material dilution impact for shareholders
Boston, MA, Dec. 18, 2024 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (the “Company”) (TSXV: MNLX) today announces that as part of its standard disclosures, the Company has granted 1,103,269 options (against ~145M fully diluted shares) to certain leadership team members of the Company as part of its ongoing incentive program to award equity of options in lieu of cash compensation. The average strike price for these options is .36 CDN reflecting the price of MNLX at the time cash compensation was forgone by employees.
In certain cases of senior leadership, equity-based options make up to 30 to 100 percent of an executive’s base salary compensation. Any new option awards continue to draw from the existing employee incentive pool with no net new incremental dilution to shareholders. There was delay in the formal announcement and grant of the options given that the Company was waiting for options to be returned to the pool to avoid any shareholder dilution that might come from an expansion of the pool.
The options are subject to a 1-year cliff vesting schedule and are exercisable for subordinate voting shares of the Company for a period of 10 years following the date of grant.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences.
In addition to creating long-term durable economic returns for stakeholders, MiniLuxe is expanding its reach through franchising, offering entrepreneurs the opportunity to partner with a brand recognized as the best nail salon franchise. MiniLuxe seeks to empower one of the most diverse and largest hourly worker segments through professional development, economic mobility, and ownership opportunities. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. Since its inception, MiniLuxe has performed over 4 million services.
For further information
Christine Mastrangelo
Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@MiniLuxe.com
MiniLuxe.com
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