FortifAI Limited (ASX:FTI) has lodged initial director interest notices for two newly appointed directors, Alon Rashelbach and Katelyn Adams, both appointed on 4 November 2026, disclosing their respective interests in securities and contracts with the company.

Key Points

  • Alon Rashelbach and Katelyn Adams were each appointed as directors of FortifAI Limited on 4 November 2026.
  • Dr Rashelbach holds, as a beneficiary of IBI Trust Management, 22,073,013 fully paid ordinary shares and 14,316,666 performance rights, incorporating the conversion of 7,158,333 performance rights to fully paid ordinary shares on 6 November 2026.
  • Dr Rashelbach is entitled to 6,000,000 additional performance rights under the company's Equity Incentive Plan, subject to shareholder approval, with vesting milestones running from 2 February 2027 to 2 February 2029.
  • Katelyn Adams holds no securities in the company but has a contractual interest through her directorship of HLB Mann Judd (SA) Pty Ltd, which provides corporate secretarial services to FortifAI Limited for a fee of A$15,000 per month.

Director Appointment of Alon Rashelbach

According to the filing, Dr Alon Rashelbach was appointed as a director of FortifAI Limited on 4 November 2026. Dr Rashelbach holds no securities as registered holder directly. As a beneficiary of IBI Trust Management <Alon Rashelbach A/C>, he has a relevant interest in 22,073,013 fully paid ordinary shares and 14,316,666 performance rights. The filing notes these figures incorporate the conversion of 7,158,333 performance rights to fully paid ordinary shares, which occurred on 6 November 2026.

Performance Rights Entitlement and Vesting Schedule for Dr Rashelbach

The filing discloses that Dr Rashelbach is entitled to 6,000,000 performance rights under FortifAI Limited's Equity Incentive Plan, subject to shareholder approval. Each performance right is convertible into one share. Of the total, 1,980,000 performance rights will vest on 2 February 2027, subject to Dr Rashelbach providing continuous service to the company. The remaining 4,020,000 performance rights will vest in equal quarterly instalments over the following twenty-four months, between 2 February 2027 and 2 February 2029, also subject to continuous service. The registered holder is yet to be confirmed.

Director Appointment of Katelyn Adams and Corporate Secretarial Contract

Katelyn Adams was also appointed as a director of FortifAI Limited on 4 November 2026. The filing states she holds no securities in the company, either directly or indirectly. Ms Adams has a disclosed interest in a contract under which HLB Mann Judd (SA) Pty Ltd provides corporate secretarial services to FortifAI Limited for a fee of A$15,000 per month. Ms Adams is a director of HLB Mann Judd (SA) Pty Ltd, giving rise to her notifiable interest in that contract. No securities are associated with this interest.