- Spectra Systems Corporation said it had increased the agreed remuneration of chief executive Nabil Lawandy to account for an unfavourable US tax ruling.

The company said its board had intended 2019 expiry options that had been granted in 2019 to be 'tax efficient'.

However, US authorities ruled that only the options over 500,000 shares exercised on 8 January 2019 were tax efficient.

Exercise of the remaining options over 977,979 shares would have crystalised a significant tax liability for Lawandy, the company said.

His contract had consequently been tweaked, so that in the event of a change of control prior to 7 January 2020 he would be paid 600,000 options exercised at $0.60 each.

For a change of control post 7 January 2020, he would be paid 1,040,000 options exercised at $0.60 each.

The updated contract also included increased severance payments to Lawandy.

At 8:21am: [LON:SPSY] Spectra Systems Corporation share price was -6p at 131p

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