HACKETTSTOWN, NJ, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. announced today that on January 22, 2020 Carleton Miller was granted a time-based and performance-based non-qualified stock option award to purchase an aggregate of 3,655,481 shares of the Company’s common stock under Nasdaq Listing Rule 5653(c)(4) outside of the Company’s existing equity compensation plans in connection with Mr. Miller’s previously-announced employment by the Company as its Chief Executive Officer. These options were granted as an inducement material to Mr. Miller becoming an employee of Vislink Technologies, Inc., in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price per share equal to $0.285, which was the closing price of the Company’s common stock on the Nasdaq Stock Market on January 22, 2020. 25% of the time-based option vests on January 15, 2021 and the remaining 75% vests in substantially equal monthly installments over the 36-month period thereafter, subject to Mr. Miller’s continued employment by the Company on the applicable vesting date. The performance-based option vests in three equal tranches of 500,000 shares upon the Company’s attainment, on or before the fifth anniversary of January 22, 2020, of specified cumulative EBITDA performance conditions, subject in each case to Mr. Miller’s continued employment by the Company on the applicable vesting date.
About Vislink Technologies, Inc.
Vislink Technologies is a global leader in the development and distribution of advanced communication solutions. Driven by technical excellence that has led the industry for over 50 years, our innovative products and turnkey solutions provide reliable connectivity in the toughest environments across the global live production, military and government sectors. Our solutions include high-definition communication links that reliably capture, transmit and manage live event footage, as well as secure video systems that support mission-critical applications. Vislink Technologies shares are publicly traded on the Nasdaq Capital Market under the ticker symbol VISL. For more information, visit www.vislink.com.
Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are the risk that our reduction in operating expenses may impact our ability to meet our business objectives and achieve our revenue targets and may not result in the expected improvement in our profitability, the fact that our future growth depends in part on further penetrating our addressable market and also growing internationally, and we may not be successful in doing so; our dependence on sales of certain products to generate a significant portion of our revenue; the effect of a decrease in the sales or change in sales mix of these products would harm our business; the risks that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect demand for our products; difficulty in accurately predicting our future customer demand; the importance of maintaining the value and reputation of our brand; and other factors detailed in our Annual Report on Form 10-K for the year ended December 31, 2018 and our other subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. The Company disclaims any obligation to update these forward-looking statements.
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