Business
Sylogist Adopts Fixed Number Stock Option Plan, Grants Options
Sylogist Adopts Fixed Number Stock Option Plan, Grants Options Canada NewsWire ...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n \n \n \n Sylogist Adopts Fixed Number Stock Option Plan, Grants Options\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 11, 2020\n \n \n \n \n \n /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 11, 2020\n \n /CNW/ - The Board of Directors of\n \n Sylogist Ltd. (TSXV: SYZ)\n \n (\"Sylogist\" or the \"Company\") announces that, concurrently with the appointment of its new CEO, it has adopted, and sought and received approval of the TSX-Venture Exchange for, a new 10% fixed number stock option plan for the benefit of the Company's directors, officers, employees and consultants (the \"Stock Option Plan\"). The Stock Option Plan replaces the Company's previous 10% rolling stock option plan.\n \n \n \n \n \n \n \n \n \n Under the Stock Option Plan, the Company may grant options to acquire up to an aggregate of 2,374,094 common shares of the Company, representing 10% of the current issued and outstanding common shares of the Company, subject to the terms and conditions prescribed by the TSX Venture Exchange and applicable securities laws.  Prior to the adoption of the Stock Option Plan, 978,333 stock options were outstanding under the previous 10% rolling stock option plan, which options will now be governed by the terms of the new Stock Option Plan.\n \n \n The Board further announces the grant of 835,000 stock options priced at the market close on\n \n November 10, 2020\n \n , to the incoming President and CEO, the independent directors of the Board, the CFO and Vice President of Operations of the Company, as follows:\n \n \n \n The incoming President and CEO has been granted 500,000 stock options. These options will vest over 3 years of a 5 year term and, in the case of 250,000 of those options, have an additional vesting requirement that the market value of the Company's common shares trade at or above\n \n $15.00\n \n for 30 consecutive trading...