12 March 2020 – London, UK –Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused on cyber security and risk, is pleased to announce that it has put in place a Long-term Incentive Plan (“LTIP”) for Stuart Jubb, Managing Director of Crossword Consulting Limited (“Consulting”), which is 100% owned by Crossword. Crossword stated that it would do this in its AIM Admission Document in December 2018.
The plan puts in place an incentive arrangement for Mr Jubb, designed to incentivise him commensurate with the achievement of growth in the enterprise value of that company. The arrangement entitles Mr Jubb to purchase 10% of shares in Consulting for £15,400, which may not be sold or transferred without the consent of the Company save that they will be compulsorily transferred back to the Company if his employment ends, following which he may as a good leaver retain an entitlement to 10% of the sales proceeds if Consulting is sold, or 10% of the valuation of Consulting on a change of control of the Company.
Tom Ilube, CEO of Crossword, commented:
“I am pleased that a suitable arrangement has been put in place, which will compensate Stuart for his efforts in growing the Consulting business. The Consulting division is going from strength to strength and launched its vCISO (virtual Chief Information Security Officer) solution before the Summer in 2019 and has since then signed its largest contract to date, spanning three years.”
Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 8460
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Niall McDonald
Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341
Claire Louise Noyce
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting. The Group’s specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group’s aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword’s leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers. Nixer CyberML, Crossword’s most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks. Crossword’s team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients’ business needs.