Top Image Systems to Reprice Unvested Employee Stock Options
August 11 2016 - 8:30AM
Top Image Systems Ltd. (NASDAQ: TISA), a global
innovator of intelligent content processing solutions, announced
today that its Board of Directors has approved the repricing of
employees’ unvested options, such that every unvested option’s
exercise price will be amended to an exercise price of $2.11 per
share.
All other terms of the options, including the vesting schedules,
remain unchanged.
The repricing will apply to unvested options to purchase 377,275
ordinary shares granted to officers and employees. The exercise
prices of unvested options to purchase an additional 79,166
ordinary shares held by 2 board members and our CEO will not be
adjusted unless approved by the Company’s shareholders at the next
Annual General Meeting. The unvested options subject to repricing
represent less than 2.5 percent of the Company’s fully diluted
shares outstanding.
"The objective of this repricing of unvested options is to
ensure that our equity plan provides a meaningful incentive to our
employees and to align the interests of our personnel with those of
our shareholders. Following a difficult period and painful
steps to right-size the Company and cut costs, our Board wants to
show appreciation to the employees that remain dedicated to the
future of the Company," explained Yossi Dagan, CFO, Top Image
Systems. "We believe that the repricing serves the interests of our
shareholders, in that it is vital to the success of Top Image
Systems that employees remain with the Company, stay motivated and
help us to continue to achieve our long-term growth objectives.
This action is an important step in that direction."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of
enterprise solutions for capturing and validating structured and
unstructured content entering organizations from various sources
and managing content-driven business processes. Whether originating
from mobile, electronic, paper or other sources, TIS solutions
automatically capture, process and deliver content across
enterprise applications. TIS’ flagship eFLOW platform and diverse
business process and mobile image processing solutions are marketed
in more than 40 countries through a multi-tier network of
distributors, system integrators, value-added resellers and
strategic partners. Visit the company's website at
http://www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking
Statements
Certain matters discussed in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results to be materially
different from any future results expressed or implied in those
forward looking statements. Words such as "will," "expects,",
"anticipates," "estimates," and words and terms of similar
substance in connection with any discussion of future operating or
financial performance identify forward-looking statements. These
statements are based on management's current expectations or
beliefs and are subject to a number of risks and uncertainties that
could cause actual results to differ materially including, but not
limited to, risks in product development, approval and introduction
plans and schedules, rapid technological change, customer
acceptance of new products, the impact of competitive products and
pricing, the lengthy sales cycle, proprietary rights of TIS and its
competitors, risk of operations in Israel, government regulation,
litigation, general economic conditions and other risk factors
detailed in the Company's most recent annual report on Form 20-F
and other subsequent filings with the United States Securities and
Exchange Commission. We are under no obligation to, and expressly
disclaim any obligation to, update or alter our forward-looking
statements, whether as a result of new information, future events
or otherwise.
Company Contact:
Shelli Zargary
Director of Corporate Marketing and Investor Relations
Top Image Systems
shelli.zargary@topimagesystems.com
+972 3 767 9114
Investors:
James Carbonara
Regional Vice President, Hayden IR
james@haydenir.com
+ 1 646 755 7412
Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
Historical Stock Chart
From Jul 2023 to Jul 2024