5E Advanced Materials, Inc. (Nasdaq:FEAM) (ASX:5EA) inadvertently granted awards to certain current and former Directors without shareholder approval, as required under ASX Listing Rules 10.11 and 10.14.
To rectify this, the Company has agreed with ASX to cancel or forfeit the outstanding and unvested awards granted, and seek shareholder approval for the re-issue of the cancelled or forfeited outstanding and unvested awards granted for no consideration.
The Company also intends to seek approval of the Plan for the purposes of ASX Listing Rule 10.14 to allow for future awards to be granted to the Company's Directors as part of its remuneration and incentive strategy.
In addition, Ms Palvi Mehta, a former director, has agreed to dispose of her common stock issued on conversion of her 8,857 DSUs (which vested following her resignation) on-market and donate any profits from such sale to a 501(c)(3) eligible charity.