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CALGARY, AB, Nov. 11, 2020 /CNW/ – The Board of Directors of Sylogist Ltd. (TSXV: SYZ) (“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.
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.
The Board further announces the grant of 835,000 stock options priced at the market close on November 10, 2020, to the incoming President and CEO, the independent directors of the Board, the CFO and Vice President of Operations of the Company, as follows:
- 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 $15.00 for 30 consecutive trading days. The 3 independent directors comprising the Nominating Committee of the Board have been granted a total of 100,000 stock options, vesting over 3 years of a 5 year term with the same additional share price vesting requirement;
- The CFO and Vice President of Operations have been granted a total of 50,000 stock options, which vest over 3 years of 5 year terms; and
- The 4 independent directors of the Board have been granted a total of 135,000 stock options in consideration of their new roles, which vest from 1 to 4 years from grant, over 2 to 5 year terms.
Sylogist is a software company that, through strategic acquisitions, investments and operations management, provides comprehensive, mission-critical ERP and CRM solutions, including fund accounting, case management, grant management and payroll, to public service organizations. Sylogist’s public service customers include all levels of government, nonprofit organizations, non-governmental organizations, educational institutions as well as public compliance driven and funded companies. Our Company delivers highly scalable, multi-language, multi-currency software solutions, which serve the needs of an international clientele.
Full financial statements together with Management’s Discussion and Analysis are available on SEDAR at www.sedar.com.
The Company’s stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
– Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release –
SOURCE Sylogist Ltd.