Kane Biotech Announces Adoption of Performance and Restricted Share Unit Plan and Amended and Restated Stock Option Plan

Rhea-AI Summary

Kane Biotech Inc. announced the approval of key compensation plans at its shareholder meeting on May 26, 2021. The Performance and Restricted Share Unit Plan (PRSU Plan) allows for the issuance of restricted and performance share units to employees and directors, with a cap of 10% of total outstanding shares. Additionally, the Amended and Restated Stock Option Plan reserves a maximum of 10% of common shares for stock options, removing previous aggregation requirements with other share plans. Details are available on SEDAR.

Positive

• Approval of the PRSU Plan facilitates employee incentives through additional share-based compensation.
• Amended Stock Option Plan simplifies share issuance rules, potentially aiding recruitment and retention.

Negative

• None.

WINNIPEG, Manitoba, June 09, 2021 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF), (the “Company” or “Kane Biotech”), today announced that, at the annual and special meeting of shareholders of Company (“Shareholders”) held on May 26, 2021 (the “Meeting”), by ordinary resolution, a majority of the Shareholders approved the adoption of the performance and restricted share unit plan of the Company (the “PRSU Plan”) and the amended and restated stock option plan of the Company (the “Amended and Restated SOP”), including a majority of disinterested Shareholder approval with respect to the PRSU Plan.

The PRSU Plan provides for the issuance of “restricted share units” and “performance share units” to employees, consultants, officers or directors of the Company and its subsidiaries. Pursuant to the PRSU Plan, the number of common shares of the Company (“Common Shares”) that may be reserved for issuance pursuant to awards granted under the PRSU Plan shall not exceed 10% of the total Common Shares issued and outstanding as of the date of the Meeting.

The Amended and Restated SOP provides that the aggregate number of Common Shares reserved for issuance under the Amended and Restated SOP will represent a maximum of 10% of the number of issued and outstanding Common Shares at any time. The Amended and Restated SOP amends the prior stock option plan of the Company by removing the requirement that the maximum number of shares issuable under the Amended and Restated SOP include shares issuable pursuant to any other share-based plan grants or agreements of the Company (which would include the PRSU Plan).

Copies of the PRSU Plan and Amended and Restated SOP are available for review on the Company’s profile on SEDAR at www.sedar.com.

About Kane Biotech

Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Company has a portfolio of biotechnologies, intellectual property (54 patents and patents pending, trade secrets and trademarks) and products developed by the Company's own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex™, bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactive+®, DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.

For more information, please visit www.kanebiotech.com, or contact:

Marc Edwards	Ray Dupuis	Lorne Gorber
Chief Executive Officer	Chief Financial Officer	Investor Relations
Kane Biotech Inc	Kane Biotech Inc	Kane Biotech Inc.
medwards@kanebiotech.com	rdupuis@kanebiotech.com	lgorber@kanebiotech.com
+1 (514) 910-6991	+1 (204) 298-2200	+1 (514) 402-3212

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.

FAQ

What is the PRSU Plan approved by Kane Biotech on May 26, 2021?

The PRSU Plan allows for the issuance of restricted and performance share units to employees and directors, capped at 10% of outstanding shares.

How does the Amended and Restated Stock Option Plan impact Kane Biotech's shares?

The Amended Stock Option Plan reserves a maximum of 10% of common shares for stock options and simplifies previous aggregation requirements.

When was the Kane Biotech shareholder meeting held?

The Kane Biotech shareholder meeting took place on May 26, 2021.

What changes were made to Kane Biotech's stock option plan?

The Amended and Restated Stock Option Plan removes the requirement that the maximum number of shares includes those from other share-based plans.

Where can I find details about Kane Biotech's PRSU Plan and stock option plan?

Details can be reviewed on Kane Biotech's profile on SEDAR at www.sedar.com.