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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.
About Sylogist
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.