Wellbeing Digital Sciences Announces Restructuring of Security-Based Compensation

Rhea-AI Summary

Wellbeing Digital Sciences Inc. (OTC: KONEF) announced the issuance of 5,099,999 stock options and 3,000,000 restricted share units (RSUs) to its directors and employees as part of retention strategies. The options carry an exercise price of $0.215, vesting immediately for five years. Additionally, 2,975,000 options and 5,000,000 RSUs were canceled, voluntarily surrendered by holders. Wellbeing focuses on evidence-based healthcare solutions and aims to improve patient access to innovative treatments.

Positive

• Issuance of 5,099,999 stock options and 3,000,000 RSUs indicates a strategy to retain key personnel.
• Stock options have an attractive exercise price of $0.215, potentially benefiting the company if stock value increases.

Negative

• Cancellation of 2,975,000 stock options and 5,000,000 RSUs may indicate previous compensation strategies were ineffective.

VANCOUVER, British Columbia, March 28, 2022 (GLOBE NEWSWIRE) -- Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based healthcare company focused on innovative clinical solutions, artificial intelligence-powered digital therapeutics and contract research, today announced that it has granted 5,099,999 compensation stock options (the “Options”) and 3,000,000 restricted share units (the “RSUs”) to certain directors, officers, employees, advisors, and consultants of the Company. The Options shall vest immediately and be exercisable into common shares at a price of $0.215 per Option for a period of 5 years from issuance. The RSUs are subject to future vesting with one quarter vesting at each of 3, 6, 9, and 12 months from the date of issuance and shall be exercisable for 24 months. The Options and RSUs are issued as part of its compensation programs to incentivize and retain its board of directors, executives, and managers.

Additionally, the Company announced that it has cancelled 2,975,000 incentive stock options (the "Cancelled Options") and 5,000,000 RSUs pursuant to the terms of its stock option plan and restricted share unit plan, respectively. The Cancelled Options had been granted between March 22, 2021 and July 5, 2021 to several consultants of the Company and were voluntarily surrendered by the holders for no consideration.

ABOUT WELLBEING DIGITAL SCIENCES

Wellbeing Digital Sciences Inc. is an evidence-based healthcare company focused on innovative clinical solutions, artificial intelligence-powered digital therapeutics and contract research. Its mission is supported by a network of North American clinics that provide ketamine-assisted therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. In essence, the company exists to make breakthrough treatments more accessible and to offer patients transformational experiences.

On behalf of:

WELLBEING DIGITAL SCIENCES INC.

"Adam Deffett"
Adam Deffett, Interim CEO

For further information, please contact:

Nick Kuzyk, Investor Relations
Tel: 1-844-746-6351
Email: ir@wellbeingdigital.co
Web: www.wellbeingdigital.co
Twitter: @Wellbeing_IR

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

SOURCE: WELLBEING DIGITAL SCIENCES INC.

FAQ

What is the significance of KONEF's recent stock options announcement?

KONEF's announcement of 5,099,999 stock options aims to retain key personnel, potentially affecting stock performance positively.

How many stock options were canceled by Wellbeing Digital Sciences?

Wellbeing Digital Sciences canceled 2,975,000 stock options as part of its stock option plan.

What is the exercise price of the new stock options issued by Wellbeing?

The new stock options were issued at an exercise price of $0.215.

When do the restricted share units (RSUs) vest for KONEF?

The RSUs will vest in quarters over a period of 12 months from the issuance date.