Intouch Insight Announces New RSU Plan and Amends Option Plan
By: Sarah Beckett June 24, 2020
OTTAWA, Canada (June 24, 2020) – Intouch Insight Ltd. (the "Company") (TSXV: INX) (OTCQB: INXSF) today announced that it has adopted a new Restricted Share Unit Plan (“RSU Plan”) and amended the Company’s Stock Option Plan (the “Option Plan”).
At the Company’s annual and special meeting of shareholders held on June 19, 2020 (the “Meeting”), the Company’s disinterested shareholders approved resolutions to adopt the new RSU Plan and an amendment to the existing Option Plan.
Under the new RSU Plan, restricted share units (“RSUs”) may be granted to directors and employees. The RSU Plan permits the Company to either redeem RSUs for cash or issue common shares of the Company from treasury to satisfy all or any portion of a vested RSU award. Grants of RSUs vest 100% on the first anniversary of the date of the grant. The maximum number of common shares of the Company which are issuable upon the redemption of all RSUs under the RSU Plan is 1,126,090 common shares of the Company.
The amended Option Plan increased the number of common shares of the Company available under the Option Plan from 2,500,438 common shares to 3,378,272 common shares.
Further details regarding the RSU Plan and the Option Plan are included in the management proxy circular of the Company, which was sent to shareholders and was filed on SEDAR in connection with the Meeting.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Chief Financial Officer