Burnett Gavin, the Chief Executive Officer of Locafy Ltd, has acquired a total of 12,006 ordinary shares in the company, valued at $2.43 each. This acquisition, reported in a recent SEC filing, highlights the company's approach to compensating its executives through equity rather than cash payments. Such practices may set a precedent for other companies within the tech sector.
Locafy Ltd, listed under the CIK 0001875547, operates in the services sector, specifically in computer programming and data processing. The company is based in Subiaco, Australia, and has been active in recent filings, including a Form 3 and two Form 144 submissions earlier this year.
According to the filing dated October 5, 2026, Gavin's acquisition occurred on September 24, 2026, and was part of a settlement for accrued and unpaid employment compensation. The filing states, “Represents ordinary shares issued by the Issuer to the Reporting Person in settlement of accrued and unpaid employment compensation, at a deemed issue price of $2.43 per share in lieu of cash payment.” Following this transaction, Gavin now holds a total of 169,906 shares in Locafy Ltd.
This development may have implications for other stakeholders within the company, including employees and shareholders, as it reflects a commitment to aligning executive compensation with company performance. It may also influence how competitors in the tech industry approach their own executive compensation strategies.
The filing does not specify any further actions or upcoming votes related to this transaction.