Accounting for accelerated vesting of stock options dubai
Vested does not provide advice about the suitability or the merits of any investment offered by third-party Crowdfunders through the Site. Please be aware that Start-up Crowdfunding investments offered by third-parties through Vested are risky. If you choose to invest in third-party Crowdfunders through the Site, you risk losing all the money you pay for these investments.
The Issuer is raising funds to finalize the first two definitive agreements for power generation and supply in Ghana and possibly three additional countries in West Africa. Further, by already having these resources and presence on the ground in all of our key targeted near term markets e. Management has successfully positioned the Company with a strong pipeline of projects, with the potential for success to sign at least a number of definitive power purchase or off-take agreements to develop and supply power in the above mentioned countries, with a few more countries to be added in the future.
The above debenture or convertible note will be used towards project commencement or CAPEX funding e. Position held with the issuer: A more detailed description of the issuer's business is provided below. Principal occupation for the last five years: Managing Director-Operations, Simba Energy. Expertise, education, and experience that is relevant to the issuer's business: A seasoned operator in the African resources sector.
Number accounting for accelerated vesting of stock options dubai type of securities of the issuer owned: Date securities were acquired and price paid for the securities: Percentage of the issuer's securities held as of the date of this offering document: A summary conviction or indictable offence under the Criminal Code R. A quasi-criminal offence in any jurisdiction of Canada or a foreign jurisdiction: A misdemeanour or felony under the criminal legislation of the United States of America, or any state or territory therein: An offence under the criminal legislation of any other foreign jurisdiction: Sincean independent consultant for numerous resource junior explorers and project developers.
Between andshe headed the renewable energy team at Sumitomo Mitsui Banking Corporation accounting for accelerated vesting of stock options dubai she positioned the bank as a leading global mandated investor in renewable energy. In addition to having strong insight for working in Africa, along with previous experiences as a CFO and VP Operations for venture listed resource companies, she brings extensive management and corporate support to the Company. As a seasoned businessman and accomplished financier whom, for the past three decades, Mr.
Miller has participated as the principal investor in over fifty business ventures as well as founded and listed numerous companies on the NASDAQ and Toronto Stock Exchange. Director of Corporate Finance. Moraes is highly esteemed and skilled in the fields of large scale metal fabricating, machining and specialty manufacturing for all industrial sectors with established operations accounting for accelerated vesting of stock options dubai the globe.
With headquarters in Dubai, as one of the largest and most technically capable steel fabricators in the Middle East and internationally, the FABTECH group of companies operates from strategic locations around the globe providing a full range of services to the oil, gas, power, water and other process industries. Moraes has also had a great deal of success investing in, and growing other company ventures throughout many industrial sectors.
Name of the funding portal the issuer is using to conduct its start-up crowdfunding distribution: List the name of all the participating jurisdictions Canadian province or territory where the issuer intends to raise funds and make this offering document available: The date before which the issuer must have raised the minimum offering amount for the closing of the distribution no later than 90 days after the date this offering document is made available on the funding portal: The date s and description of any amendment s made to this offering document, if any: Type of securities being offered: Dividends or interests describe any right to receive dividends or interest: Conversion rights describe what each security is convertible into: Summary of any other material restrictions or conditions that attach to the eligible securities being offered, such as tag-along, drag along or pre-emptive rights: Minimum investment amount per purchaser: Details about the issuer's industry and operations: Legal structure of the issuer and the jurisdiction where the issuer is incorporated or organized: Issuer's articles of incorporation, limited partnership agreement, shareholder agreement or similar documents are available to purchasers at: Has never conducted operations: Is in the development stage: Is currently conducting operations: Has shown profit in the last financial year: If you receive financial statements from an issuer conducting a start-up crowdfunding distribution, you should know that those financial statements have not been provided to or reviewed by a securities regulatory authority or regulator.
They are not part of this offering document. You should ask the issuer which accounting standards were used to prepare the financial statements and whether the financial statements have been audited. You should also consider seeking advice of an accountant or an independent financial adviser about the information in the financial statements. Information on all funds previously raised and how they were used by the issuer: These funds have been used towards general working capital, business development purposes, and project evaluation, broken out as follows.
Details for each start-up crowdfunding distribution in which the issuer and each promoter, director, officer and control person of the issuer have been involved in any of the participating jurisdictions in the past five years: The full legal name of the issuer that made the distribution: The name of the funding portal: Whether the distribution successfully closed, was withdrawn by the issuer or did not close because the minimum offering amount was not reached and the date on which any of these occurred: The commission, fee and any other amounts expected to be paid by the issuer to the funding portal for this start-up crowdfunding distribution: The Processing Fees accounting for accelerated vesting of stock options dubai subject to change without notice.
Order of importance, starting with the most important, the main risks of investing in the issuer's business for the purchasers: Risk General Disclaimer — This document is for information purposes as part of a crowd funding financing effort arranged on behalf of the Company by Vested Technology Corp. With the funding of African power projects becoming more attractive, the market has also become more competitive thus adding to the risk of not winning the contracts that the Company bids on.
Systemic Risk — Substantial time and money millions of dollars and month, if not years, of time are required to i establishing commercial project parameters through comprehensive scoping and site evaluations and project feasibility studies, ii develop a design a plant and, iii as may required in the case of utility scale projects, to obtain the definitive off take agreements that purchase the power being generated in a manner that satisfies project financiers.
Financing and Dilution Risks — The Issuer will need to raise additional funds to undertake further business development on multiple selected projects currently under negotiation.
There can be no assurance that the Issuer will be able to obtain adequate financing in the future to further develop these projects, or that the terms of such financing will be favourable. In addition, other events or circumstances that are not presently anticipated that may reduce the time for which the funds will be sufficient. Many possible locations need to be vetted before one can be deployed.
This process incurs project management time and engineering costs. These costs accounting for accelerated vesting of stock options dubai up when conducting several feasibility studies simultaneously.
The feasibility costs at several sites are an anticipated cost in growing our business. We anticipate the cost of the regulatory filings and due diligence effort. The approval time and opportunity cost is significant element of risk. We must choose our projects carefully and conduct feasibility studies on several new sites simultaneously so that we have no delay in applying project equity capital accounting for accelerated vesting of stock options dubai required and when available.
Nature and frequency of any disclosure of information the issuer intends to provide to purchasers after the closing of the distribution and explain how purchasers can access this information: The Company intends to become a reporting issuer before end ofupon which time all material disclosure to be made available on SEDAR.
The securities you are purchasing are subject to a resale restriction. You may never be able to resell the securities. If you purchase these securities, your rights may be limited and you will not have the same rights that are attached to a prospectus under applicable securities legislation. For information about your rights you should consult a lawyer. You can cancel your agreement to purchase these securities. To do so, you must send a notice to the funding portal within 48 hours of your subscription.
If there is an amendment to this offering document, you can cancel your accounting for accelerated vesting of stock options dubai to purchase these securities by sending a notice to the funding portal within 48 hours of receiving notice of the amendment. The offering of securities described in this offering document is made pursuant to a start up crowdfunding registration and prospectus exemptions order issued by the securities regulatory authority or regulator in each participating jurisdiction exempting the issuer from the prospectus requirement and the accounting for accelerated vesting of stock options dubai portal from the registration requirement.
Opportunities Login Sign Up. Offering Document Full legal name: Hassan Hassan Municipality of residence: Managing Director-Operations, Simba Energy Expertise, education, and experience that is relevant to the issuer's business: Robert Findlay Municipality of residence: Co-Founder, Director Principal occupation for the last five years: Lorena Cicerrelo Municipality accounting for accelerated vesting of stock options dubai residence: Gisele Joubin Municipality of residence: Robert Miller Municipality of residence: VP Finance Expertise, education, and experience that is relevant to the issuer's business: Anu Tayal Municipality of residence: Director of Accounting for accelerated vesting of stock options dubai Finance Principal occupation for the last five years: Director of Corporate Finance Expertise, education, and experience that is relevant to the issuer's business: Nil Date securities were acquired and price paid for the securities: Harry Moraes Municipality of residence: Units The eligible securities offered provide the following rights: Issuer's Accounting for accelerated vesting of stock options dubai Has never conducted operations: Robert Findlay Position at Issuer:
Succession process has always been an important issue for banks and financial institutions in the UAE holding the accounts of the deceased or such deceased being a creditor or guarantor of such bank or financial institution. In this article, we highlight and simplify the succession process, the rights of financial institutions in succession proceedings and safeguards that should be taken by the banks when dealing with such succession proceedings and the estates of deceased persons.
In essence, the above article does recognise that the law of the deceased will apply to succession proceedings. Having said that, Article 27 of the Civil Code, to an extent, dilutes the effect of Article 17 by stating the following:. It shall not be permissible to apply the provisions of a law specified by the preceding articles if such provisions are contrary to Islamic Shariah, public order or morals in the state of the United Arab Emirates.
This is primarily the reason behind the difference in application of law by the different Courts in the UAE. Some Courts take a relaxed attitude towards applying Article 27 above, while others are quite strict. The Personal Affairs Law on the other hand governs how the estate of a UAE national or resident will be managed and distributed upon the death of the individual. Article 1 2 of the Personal Affairs Law sets out:. The provisions of this law shall be applicable to all UAE nationals unless the non Muslims thereof have different provisions for their different religions.
Further the provisions of this law shall be applicable to non UAE nationals unless they insist on the applicability of their own laws. Accordingly, the Personal Affairs Law accounting for accelerated vesting of stock options dubai the provisions of the Civil Code as stated above pertaining to governing law provisions when a non-UAE national insists on the same and is qualified to do so under the Civil Code and allows for application of foreign law.
Upon death, the personal assets of the deceased, including local bank accounts, are frozen Article 4 of Federal Law No. When a person dies, a death certificate is issued. A named executor or a close relative of the deceased should submit this certificate to a UAE Sharia Court.
Once the Death Declaration is obtained, any of the potential heirs may apply to the Shariah Court to institute succession proceedings, which will only be necessary if the deceased has assets in the UAE in order to obtain a certificate of succession. In order to ascertain the identity of the heirs, documents will have to be provided to the Sharia court such as passport copies, birth certificates, marriage certificates, and such other evidentiary documents that will assist the court in issuing the conclusive certificate of succession.
Additionally, if the deceased left a valid and acceptable will, it should be submitted accounting for accelerated vesting of stock options dubai the Sharia Court. On the basis of these documents, the court will issue a certificate of succession setting out the manner of the distribution of the estate. An estate under the Personal Accounting for accelerated vesting of stock options dubai Law takes form of tangible properties and rights under such properties and other financial rights through a judicial declaration.
There is no concept of common law trusts under UAE law, which would arise automatically in common law jurisdictions. Under Article of the Personal Affairs Law as stated above the creditors of the deceased would take priority over any other distribution except for any burial expenses. It is important to note that in case of lending to a corporate secured by personal guarantees, the death of the personal guarantor should be stipulated as a mandatory event of default which would afford the Bank a priority of claim in the estate of the deceased personal guarantor.
Once the Bank comes to know of the Death Declaration and the distribution of assets, the Bank should immediately file proceedings against the estate and the heirs as the case may be to exercise its rights under the applicable provisions of the Personal Affairs Law in its capacity as a creditor.
In relation to any proposed or ongoing legal proceedings by the Bank as creditor at the time of death, the Bank would be restricted by certain requirements to pause such proceedings pending settlemtent of all the debts of the accounting for accelerated vesting of stock options dubai, as set out in Article of the Personal Affairs Law, which provides that:.
The estate trustee shall invite the estate creditors and debtors to submit a statement of their rights and debts within two months from the date of publishing the relevant order. Such an order is posted in court premises where the majority of the assets of the deceased are located and also in the daily newspaper.
The Bank needs to be vigilant of such an order and ensure that it submits its claims to the estate trustee within a period of two months from the date of such an order. In the event that the Bank is not satisfied with its liabilities listed in the inventory statement, the inventory statement can be challenged by the the Bank under Article of the Personal Affairs Law within 30 days from the date of submission of the report to the court.
There have been instances where creditors have not recovered their rights because of not having been recorded in the inventory list. However they may have a seperate recourse against the successors for their portion of accounting for accelerated vesting of stock options dubai realised from the estate. Lastly, the Personal Affairs Law provides that the debts are settled from the proceeds of any claims of the estate, the liquidation of moveable assets and finally from the liquidation of real estate forming part of the estateif such procceds are insufficient.
Moveable assets and real estate shall be sold at public auction pursuant to the terms of the Civil Code unless the accounting for accelerated vesting of stock options dubai agree on another method. If the estate is insolvent, the approval of all creditors to such alternative method will be required. February In this article, we highlight and simplify the succession process, the rights of financial institutions in succession proceedings and safeguards that should be taken by the banks when dealing with such succession proceedings and the estates of deceased persons.
Article 17 of the Civil Code states the following: Inheritance shall be governed by the law of the deceased at the time of his death.
Property rights located in the territory of the state which belong to an expatriate having no heir shall become vested in the state.
The substantive provisions governing testamentary dispositions and other dispositions taking effect after death shall be governed by the law of the state of which the person making such dispositions is a national at the time of his death. The form of wills and other dispositions taking effect after death shall be governed by the law of the state of which the person making such disposition is a national at the time the disposition is made, or the law of the state in which the disposition is made.
The law of the United Arab Emirates shall apply to wills made by expatriates disposing of their real property located in the state. Having said that, Article 27 of the Civil Code, to an extent, dilutes the effect of Article 17 by stating the following: Article 1 2 of the Personal Affairs Law sets out: Succession Procedures Upon death, the personal assets of the deceased, including local bank accounts, are frozen Article 4 of Federal Law No.
In relation to any proposed or ongoing legal proceedings by the Bank as creditor at the time of death, the Bank would be restricted by certain requirements to pause such proceedings pending settlemtent of all the debts of the estate, as set out in Article of the Personal Affairs Law, which provides that: All procedures taken against the deceased shall be discontinued pending settlement of all the debts of the estate once any concerned party so requests. Accounting for accelerated vesting of stock options dubai of the Personal Affairs Law sets out the accounting for accelerated vesting of stock options dubai to make a claim as follows: