VANCOUVER, BC / ACCESSWIRE / December 10, 2019 / Glance Technologies Inc. (CSE:GET)(OTCQB:GLNNF)(FKT:GJT) ("Glance" or the "Company") one of Canada's leading mobile payments and customer loyalty platforms, today announced the implementation of a restricted share unit (RSU) award plan (the "RSU Plan").
Subject to ratification by disinterested shareholders at the Company's next Annual General Meeting ("AGM"), the Company has initially awarded 1,126,000 RSUs to employees of the Company, of which 865,000 vest over 36 months, in equal quarterly installments and 261,000 vest subject to meeting certain conditions or performance milestones.
Pursuant to the terms of the RSU Plan, the number of RSUs issuable under the RSU Plan, together with the number of common shares issuable under options that are outstanding under the Company's Stock Option Plan, will not exceed 10% of the issued and outstanding common shares as at the date of a grant under the RSU Plan or the Stock Option Plan, as the case may be.
"This combination of salary and equity is designed to incentivize employees," said Glance's Interim CEO Jonathan Hoyles. "Allocating RSUs to Glance employees fosters an ownership mentality at the Company and is also consistent with our efforts to spend wisely, conserve cash and maintain a lean culture. We understand the importance of continually re-enforcing a cost-conscious culture, particularly in a business incurring net losses."
Hoyles has agreed to receive one-fifth of his current remuneration in the form of RSUs and the Board has also agreed to take 50 per cent of its current board compensation in the form of ongoing grants of RSUs. Similar packages have been and will continue to be offered to future employees with the goal to weight individual compensations to RSUs and stock options rather than cash.
In a similar arrangement, Paola Ashton, VP Business and Client Development, has agreed to receive one-fifth of her compensation in the form of stock of the Company.
"These plans are very common in startup environments where it takes time to get to cash flow positive and companies such as Glance look for a compensation strategy that builds a long-term and high level of commitment," explained Hoyles. "RSUs can effectively engage employees in the longer term and create a sense of ownership."
"Moreover, it lessens the up-front financial burden of paying out competitive market salaries, and it attracts employees who are committed to working harder in order to ensure their financial well-being and the success of the company."
A description of the RSU Plan and the awards made under such plan will be set out in the Management Information Circular of the Company, which will be sent to shareholders and filed on SEDAR in connection with the AGM.
About Glance Technologies
Vancouver-based Glance Technologies is the parent company of Glance Pay (https://glancepay.com), a streamlined mobile payment app and loyalty management platform that provides fast, frictionless payments and digital rewards, resulting in a better customer experience. Glance Pay has established a foothold in the full-service restaurant sector where the platform enables merchants to not only accept in-dining mobile payments, but also automate loyalty, and instantly deliver rewards to customers based on their purchasing patterns.
For more information, contact:
Interim Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "may", "believe", "thinks", "expect", "exploring", "expand", "could", "anticipate", "intend", "estimate", "plan", "pursue", "potentially", "projected", "should", "will" and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance's business strategies and its expectations concerning future operations, that in time Glance could become cash flow positive, and that Glance's compensation strategy will build a long-term and high level of commitment from its employees. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance's profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
SOURCE: Glance Technologies Inc.