Joby Aviation closes $591 million stock offering with full underwriter option
Shareholders of Oxbridge Re Holdings Ltd (NASDAQ:OXBR) approved several key proposals at an Extraordinary General Meeting held August 28, according to a statement filed with the Securities and Exchange Commission.
The meeting resulted in the approval of the company’s 2025 Omnibus Incentive Plan. The plan allows for the grant of various equity and cash awards—including options, restricted shares, and performance units—to employees, officers, directors, and consultants. A total of 1,569,514 ordinary shares are reserved for issuance under the plan, with annual increases possible through 2035, subject to certain limits.
Shareholders also voted to amend the company’s Memorandum and Articles of Association, increasing authorized share capital from $50,000 (50 million shares) to $500,000 (500 million shares), through the creation of 450 million additional shares with a par value of $0.001 each.
In connection with the meeting, Oxbridge Re entered into amended employment agreements with Chief Executive Officer Jay Madhu and Chief Financial Officer Wrendon Timothy. Under the new agreements, effective January 1, 2026, Mr. Madhu will receive an annual base salary of $390,000, and Mr. Timothy will receive $245,000, with provisions for increases if the company completes a financing or strategic transaction of $100 million or more. Both executives are eligible for annual incentive bonuses and annual grants of restricted shares—40,000 for Mr. Madhu and 25,000 for Mr. Timothy—vesting quarterly over one year.
The agreements include severance arrangements, non-competition covenants, and transaction bonuses tied to the value of certain mergers or asset sales. Mr. Madhu’s agreement runs through December 31, 2028, with automatic one-year renewals unless terminated with notice.
Additionally, the board approved corporate action and change of control agreements for Mr. Madhu and Mr. Timothy. These agreements provide for the issuance of fully vested restricted share units upon the occurrence of certain events, including a corporate transaction, change of control, or achievement of performance-based revenue milestones by specified dates through 2026.
The future issuance of restricted share units and underlying shares to the executives will be exempt from registration under the Securities Act.
This summary is based on a press release statement filed with the SEC.
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