Quarterly report pursuant to Section 13 or 15(d)

Preference Shares Liabilities

v3.21.2
Preference Shares Liabilities
9 Months Ended
Sep. 30, 2021
Preference Shares Liabilities [Abstract]  
Preference Shares Liabilities

12. PREFERENCE SHARES LIABILITIES

Preference shares liabilities amounting to zero as of September 30, 2021 and December 31, 2020, represented the Company’s obligation to purchase in 2020 the preference shares from certain employees of Solutions Infini as a part of the Solutions Infini 2018 Purchase Agreement.

During fiscal year 2020, following the agreement with the eligible employees of the preference shares to pay performance bonuses for a total amount of $3.5 million, as a replacement of the preference shares obligation, the performance bonus obligation

payable to the eligible employees was paid in two different installments of $1.4 million on August 31, 2020, and of $883,000 on November 30, 2020.

Following the full and final settlement agreements signed with the eligible employees on February 3, 2021, the previously outstanding performance bonus obligation of $1.2 million payable to the eligible employees under the Solutions Infini 2018 Purchase Agreement was paid in full by September 30, 2021 and as such the obligation terminated pursuant to its terms and no further obligation remains outstanding.