On 4 August 2022 the Company announced the variation of the share incentive arrangement between the Company and Robert OBrien & his team. On joining Cornerstone Mr OBrien & his team were entitled to receive share-based incentivisation based on a multiple of revenue generation and contribution to profit. As a result of his performance <mark style="background-color:yellow">ahead</mark> of expectations, the terms of the original incentivisation arrangements were varied such that 1) Mr OBrien was issued a convertible loan note with a value of £2 million and carrying a coupon of 6%, repayable by the Company on 31 July 2025
2) Mr OBrien was issued and allotted 4,286,818 new ordinary shares at a price of 10p per share
3) the three senior members of Mr OBriens were allotted and issued 2,100,000 new ordinary shares at a price of 10p per share and 4) the issue of a further 5,113,182 new ordinary shares to Mr OBrien at a price of 10p per share to be issued following receipt from the FCA of permission for Mr OBrien to increase his holding to more than 9.9% of the issued share capital of the Company. All shares issued as a result of the settlement are subject to a 12-month lock-in from the date of issue and, for a further period of 12 months thereafter, the disposal of any interests in the shares can only be effected on an orderly market basis through the Companys brokers.