Vislink Technologies, Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Vislink Technologies, Inc. has granted a time-based and performance-based award of 25,000 restricted stock units (RSUs) to Steven Teese, the Vice President of Sales, Americas. The RSUs will vest over a period of three years and are subject to revenue targets. The Company's common stock will be settled upon vesting.
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Vislink Technologies granted 25,000 RSUs to Steven Teese as an inducement grant for his employment. The RSUs will vest in equal annual installments over three years. The Company's common stock will be settled upon vesting.
07/07/2023 - 04:30 PM
Mt. Olive, NJ, July 07, 2023 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc . (“Vislink” or the “Company”) (Nasdaq: VISL ) announced today that on July 5, 2023, Steven Teese was granted a time-based and performance-based award of 25,000 restricted stock units (“RSUs”) of the Company outside of the Company’s existing equity compensation plans, in connection with Mr. Teese’s employment by the Company as its Vice President of Sales, Americas. These RSUs were granted as an inducement grant material to Mr. Teese becoming an employee of Vislink in accordance with Nasdaq Listing Rule 5635(c)(4).
50% of the inducement RSUs are time-based and will vest in equal annual installments on each anniversary of the grant date over a period of three years. The balance of the inducement RSUs are performance-based. The performance-based RSUs will vest in equal tranches of 4,166 shares upon the Company’s attainment of specified revenue targets on or before December 31, 2026, subject in each case to Mr. Teese’s continued employment by the Company on the applicable vesting date. Upon vesting, the RSUs shall be settled in shares of the Company’s common stock.
Note on Forward-looking Statements
Certain statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s strategy, future operations, future revenues, growth, profitability results and financial position, risks of supply chain constraints and inflationary pressures, projected expenses, prospects, plans including footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, expected contract values, projected pipeline sales opportunities, acquisitions integration, and expected market opportunities across the Company’s operating segments including the live event production market, the effects of the COVID-19 pandemic, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023 and in subsequent filings with, or submissions to, the SEC from time to time.
The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date stated herein.
About Vislink Technologies, Inc.
Vislink is a global technology business specializing in the collection, delivery, and management of high-quality, live video and associated data from the scene of the action to the viewing screen. For the broadcast markets, Vislink provides solutions for the collection of live news, sports, and entertainment events. Vislink also furnishes the surveillance and defense markets with real-time video intelligence solutions using a variety of tailored transmission products. Through its Mobile Viewpoint product lines, Vislink also provides live streaming solutions using bonded cellular, 5G, and AI-driven technologies for automated news and sports productions.
The Vislink team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in the areas of terrestrial microwave, satellite, fiber optic, surveillance, and wireless communications systems to deliver a broad spectrum of customer solutions. Vislink’s shares of common stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information, visit www.vislink.com .
Media Contact: charlotte.vanhertum@vislink.com
Investor Relations Contact: VISL@gateway-grp.com
What type of award did Steven Teese receive from Vislink Technologies?
Steven Teese was granted 25,000 restricted stock units (RSUs).
How will the RSUs vest?
The RSUs will vest in equal annual installments over a period of three years.
What happens when the RSUs vest?
The RSUs will be settled in shares of the Company's common stock.
