ENGAGE XR Holdings Plc (AIM: EXR), a leading metaverse technology company, is pleased to announce the grant of options over a total of 38,700,000 new ordinary shares of €0.001 each in the capital of the Company ("Ordinary Shares") ("Options"). Options have been granted to David Whelan, Chief Executive Officer, Sandra Whelan, Chief Operating Officer and Seamus Larrissey, Chief Financial Officer, as well as to many of the Group's employees.

Following the successful completion of the equity placing earlier this year, the Remuneration Committee has been evaluating appropriate solutions to put in place suitable longer-term incentives aimed at aligning the interests of employees and shareholders. The option grant will also assist with the retention and motivation of key employees of the Company as the Company looks to deliver against the strategic opportunity outlined at the time of the placing. The Options will provide the potential for rewards only if shareholders benefit from sustained growth in shareholder value over the coming years.

The Options have been granted at a price of 4 pence each and cannot be exercised for at least three years from the date of grant (other than on a change of control).

The Options have performance criteria linked to the future share price performance of the Company with:

• One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 12 pence or higher; and
• One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 16 pence or higher; and
• One third of the Options being capable of exercise if the five day volume-weighted average price preceding the date of such exercise was 20 pence or higher.

The Options will vest in full on a change of control provided a minimum price threshold of 10 pence per share is met.

David Whelan and Sandra Whelan have each been granted 13,000,000 options and Seamus Larrissey has granted 3,200,000 options. Following this grant, the shareholding and options held are as follows:

Following the grant of these Options, the Company has a total of 42,133,473 shares under option representing approximately 8.0% of the Company's current issued share capital.

Richard Cooper, Chair of ENGAGE XR said:

"Following our successful equity raise and positive trading momentum the Group has experienced, after consulting with institutional shareholders I am pleased confirm that the Groups' Remuneration Committee has approved this grant of options. We have a fantastic team here at ENGAGE XR and it is imperative they are adequately rewarded in recognition of their very significant efforts in delivering on the undoubted opportunity before us."

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About ENGAGE XR

ENGAGE XR Holdings plc (AIM: EXR) is metaverse technology company focused on becoming a leading global provider of virtual communications solutions through its new fully featured corporate metaverse, ENGAGE Link. 

A demonstration of ENGAGE Link is https://www.youtube.com/watch?v=ITtz7ErWhMs&t=2s

The Company also has a proprietary software platform, ENGAGE. ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events. 

For further information, please visit: www.engagexrholdings.com (LinkedIn: @Engage XR Holdings plc Twitter: @engage_xr)

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