Backstageplay Announces Shareholder Approval Amended Omnibus Incentive Plan at 2024 Annual General Meeting

Rhea-AI Summary

Backstageplay Inc. (TSXV: BP.H) announced that shareholders approved amendments to its omnibus incentive plan at the December 20, 2024 Annual General Meeting. The TSX Venture Exchange has accepted these 'housekeeping' amendments, which include NEX provisions following the company's transfer to the NEX Board in August 2024.

Shareholders approved an increase of 256,510 common shares for restricted share units, bringing the total maximum to 2,068,783 common shares available for issuance. The Amended Omnibus Plan allows for stock options on a rolling 10% basis of issued shares and a 10% fixed portion for restricted share units. However, as a NEX Issuer, the company can currently only grant stock options.

Positive

• None.

Negative

• Company was downgraded to NEX Board in August 2024, indicating reduced operations or assets
• Restricted to only granting stock options while listed on NEX, limiting compensation flexibility

Vancouver, British Columbia--(Newsfile Corp. - January 21, 2025) - Backstageplay Inc. (TSXV: BP.H) (the "Company") announces that the TSX Venture Exchange has accepted amendments to its omnibus incentive plan which was approved by the Company's shareholders at the Company's Annual General Meeting that was held on December 20, 2024 (the "Meeting").

The Company's board of directors adopted certain "housekeeping" amendments to its omnibus incentive plan at the request of the TSX Venture Exchange (the "Amended Omnibus Plan"), which amendments are of a "housekeeping nature" and do not affect the rights of the Company's securityholders. The Company was transferred to the NEX Board effective on Monday, August 19, 2024, and NEX provisions have also been incorporated into the Amended Omnibus Incentive Plan. The amendments are described in detail to the Company's Information Circular for the Meeting, and in follow up to the Company's February 8, 2024 news release, shareholders also approved at the Meeting an increase of an additional 256,510 common shares to be reserved for restricted share units under the Amended Omnibus Plan, to total a maximum of 2,068,783 common shares available for issuance from treasury. Any restricted share unit that has been cancelled or terminated without being paid out, shall be returned to the Amended Omnibus Plan.

The Amended Omnibus Plan provides flexibility to grant equity-based incentive awards in the form of stock options (option-based awards) on a rolling 10% basis of the issued and outstanding Common Shares at the time of grant and a 10% fixed portion of issuable Common Shares with respect to restricted share units (share-based awards).

For greater certainty, in accordance with NEX Policies, so long as the Company remains a NEX Issuer, the Company is not able to grant or issue security based compensation other than stock options.

A complete copy of the Amended Omnibus Plan has been SEDAR+ filed and is available for viewing under the Company's corporate profile on SEDAR+ at www.sedarplus.ca

About Backstageplay Inc.

Backstageplay, Inc. is an online and mobile entertainment and marketing company, engaged in the business of social gaming and retention software and services.

ON BEHALF OF THE BOARD

S/Scott White

Scott White
Chief Executive Officer

About Backstageplay Inc.

Backstageplay Inc. is an internet entertainment and marketing company.

For Further information, please contact:

Scott White, Chief Executive Officer 1 (416) 704-6611 scott@backstageplay.com

Sean Hodgins, Chief Financial Officer 1 (778) 318-1514 sean@tandemig.com

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237969

FAQ

What changes were approved to Backstageplay's (PRYNF) incentive plan in December 2024?

Shareholders approved housekeeping amendments to the omnibus incentive plan and an increase of 256,510 common shares for restricted share units, bringing the total to 2,068,783 shares available for issuance.

When was Backstageplay (PRYNF) transferred to the NEX Board?

Backstageplay was transferred to the NEX Board effective Monday, August 19, 2024.

How many additional shares were approved for restricted share units under Backstageplay's (PRYNF) amended plan?

An additional 256,510 common shares were approved for restricted share units, bringing the total maximum to 2,068,783 common shares available for issuance.

What limitations does Backstageplay (PRYNF) face as a NEX issuer regarding compensation?

As a NEX issuer, Backstageplay can only grant stock options and cannot issue other forms of security-based compensation.