Perk Labs Announces Amendments to Stock Option Plan and RSU Plan

Rhea-AI Summary

Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF) has announced amendments to its stock option and restricted share unit plans. The number of common shares reserved for issuance under these plans has increased from 10% to 15% of the Company's outstanding shares. Additionally, the minimum exercise price for options has been reduced from CAD $0.10 to $0.05. These changes require disinterested shareholder approval, which will be sought at the upcoming annual meeting. Management has also opted for partial compensation in RSUs to support business development initiatives.

Positive

• Increase in shares reserved for stock options from 10% to 15%.
• Reduction of minimum exercise price from CAD $0.10 to $0.05.
• Management opting for RSUs as compensation to drive shareholder value.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 4, 2020 / Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF)(FKT:PKLB) ("Perk" or the "Company") the parent company of Perk Hero, the mobile commerce platform with cashback rewards on e-gift cards and curated goods, announced today that it has amended its stock option plan and restricted share unit plan (the "Amended Plans") to increase the number of common shares that may be reserved for issuance under the Plans from 10% to 15% of the Company's issued and outstanding common shares. The Company also amended its stock option plan to reduce the minimum exercise price from CAD $0.10 to $0.05.

The amendments to the Plans and grants of restricted share units or stock options under the Amended Plans are subject to disinterested shareholder approval which will be sought at the Company's next annual and special meeting of shareholders.

Several members of Perk's Management and Board have made a decision to be partially compensated in RSUs in lieu of cash compensation moving forward as part of ongoing efforts to prioritize Company's business development initiatives that will drive shareholder value.

About Perk Labs Inc.

Perk Labs Inc. is the owner of Perk Hero, a mobile commerce platform with cashback rewards on e-gift cards and curated goods. For more information about Perk Labs, please visit www.perklabs.io

For more information contact:

Jonathan Hoyles
CEO
Perk Labs Inc.
(833) 338-0299
investors@perklabs.io

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.

Forward-Looking Statements

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 the Company's business strategies and its expectations concerning future operations. Although the Company 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 Company cautions investors that any forward-looking information provided by the Company 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: Perk Labs Inc.

View source version on accesswire.com:
https://www.accesswire.com/614392/Perk-Labs-Announces-Amendments-to-Stock-Option-Plan-and-RSU-Plan

FAQ

What changes were made to Perk Labs' stock option plan?

Perk Labs increased the shares reserved for issuance under the stock option plan from 10% to 15%.

What is the new minimum exercise price for stock options at PKLBF?

The minimum exercise price for stock options has been reduced from CAD $0.10 to $0.05.

When will Perk Labs seek shareholder approval for the amended plans?

Shareholder approval for the amended plans will be sought at the next annual and special meeting.

How is management being compensated at Perk Labs?

Management has decided to be partially compensated in restricted share units (RSUs) instead of cash.

What is the purpose of the amendments to Perk Labs' stock plans?

The amendments aim to support ongoing business development initiatives and drive shareholder value.