LONG ISLAND CITY, N.Y., Nov. 16, 2018 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK) ("Frankly" or the "Company"), a leader in transforming local TV broadcast and media companies by enabling them to publish and monetize their digital content across multiple platforms, today announced the adoption of an amended and restated equity incentive plan (the "Restated Plan"), which amends the equity incentive plan of the Company currently in place (the "Current Incentive Plan").
The Current Incentive Plan allows the board of directors of the Company (the "Board") to grant incentive stock options and non-statutory stock options ("Options"), as well as restricted stock units ("RSUs") to ofﬁcers, employees, directors and consultants of the Company. Under the Current Incentive Plan, a maximum of 435,000 common shares of the Company ("Common Shares") may be reserved and set aside for issuance upon the grant or exercise of Options or RSUs (the "Compensation Plan Limit"). The Current Incentive Plan also contemplated that, upon the listing of the Common Shares on the NASDAQ Stock Market and the completion of a concurrent USD $5,000,000 financing (the "Offering"), the Compensation Plan Limit under the Current Incentive Plan would be automatically amended to a ﬁxed number of Common Shares equal to 20% of the aggregate number of Common Shares issued and outstanding at the close of trading on the date of the Offering (the "Automatic NASDAQ Increase").
The Restated Plan, effective as of November 16, 2018, is amended to remove the Automatic NASDAQ Increase and increases the Compensation Plan Limit to 532,031 Common Shares. The Restated Plan remains subject to the approval of the TSX Venture Exchange and disinterested shareholder approval.
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates. The Company is headquartered in New York. To learn more, visit www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding Frankly and its business. Forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties including the lack of regulatory or shareholder approval for the Restated Plan. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Frankly, Inc.