09:06 AM EDT, 05/01/2024 (MT Newswires) -- NowVertical Group ( NOWVF ) , a provider of artificial intelligence services, said Wednesday that it agreed to amend the outstanding earnout obligations under the company's acquisition of Smartlytics Consultancy.

Under the amendment, the company adjusted the incentives that Mostafa Hashem, its executive vice president for product and technology, would have received as a former owner of Smartlytics.

The updated incentives would reward Hashem for building an integrated product group that encompasses all of NowVertical's ( NOWVF ) existing software assets. The previous incentives were based on performance of the Smartlytics business unit only, the company said.

"Mr. Hashem's commercial acumen and success in generating revenue streams by combining NOW's software with services for tangible business outcomes are commendable," CEO Sandeep Mendiratta said.

NowVertical ( NOWVF ) was trading near 52-week lows yesterday, with its share price rising 2.3% to $0.23.