Vislink Technologies, Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vislink Technologies announced that on June 17, 2024, Donald Gilliam was granted 24,543 restricted stock units (RSUs) as an inducement to become the Vice President of Operations. These RSUs, granted outside the existing equity plans, are split equally between time-based and performance-based awards, as per Nasdaq Listing Rule 5635(c)(4). The time-based RSUs will vest over three years, while the performance-based RSUs will vest based on specific performance metrics set by the Board of Directors or Compensation Committee by August 31, 2024, contingent on Mr. Gilliam’s continued employment.

Positive

• Donald Gilliam's appointment as Vice President of Operations indicates strategic reinforcement of the management team.
• The inducement grant of 24,543 RSUs aligns Mr. Gilliam's incentives with the company's long-term performance.

Negative

• The additional issuance of 24,543 RSUs could lead to shareholder dilution.
• Performance metrics for the performance-based RSUs have not yet been set, which creates uncertainty.

Mt. Olive, NJ, June 18, 2024 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL) announced today that effective June 17, 2024, Donald Gilliam was granted a time-based and performance-based award of 24,543 restricted stock units (“RSUs”) of the Company, outside of the Company’s existing equity compensation plans, in connection with Mr. Gilliam becoming employed as of that date as Vice President, Operations of the Company. These RSUs were granted as an inducement grant material to Mr. Gilliam becoming an employee of Vislink in accordance with Nasdaq Listing Rule 5635(c)(4).

For Mr. Gilliam, 50% of the inducement RSUs are time-based and will vest as to one-third of such time-based RSUs on each anniversary date over a period of three years. The balance of the inducement RSUs is performance-based. The performance-based RSUs will vest in three equal tranches of shares upon the Company’s attainment of specified performance metrics to be set by the Board of the Directors of the Company or Compensation Committee thereof by August 31, 2024, subject in each case to Mr. Gilliam’s continued employment with the Company on the applicable vesting date. Upon vesting, the RSUs shall be settled in shares of the Company’s common stock.

Note on Forward-looking Statements

Certain statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s strategy, future operations, future revenues, growth, profitability results, and financial position, risks of supply chain constraints and inflationary pressures, projected expenses, prospects, plans including footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, expected contract values, projected pipeline sales opportunities and transactions in our sales pipeline, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing, and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on April 3, 2024, and in subsequent filings with, or submissions to, the SEC from time to time.

The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date stated herein.

About Vislink Technologies, Inc.

Vislink Technologies is a global technology leader in capturing, delivering and managing high-quality live video and associated data. With a renowned heritage in video communications encompassing over 50 years, Vislink has revolutionized live video communications by delivering the highest-quality video from the scene, even in the most challenging transmission conditions—enabling broadcasters and public safety agencies to capture and share live video seamlessly and securely. Through its Mobile Viewpoint product lines, Vislink also provides live streaming solutions using bonded cellular, 5G, and AI-driven technologies for automated news and sports productions. Vislink’s shares of common stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information, visit www.vislink.com.

Investor Relations Contact:
Matt Glover and Alec Wilson
Gateway Group, Inc.
VISL@gateway-grp.com

FAQ

What did Vislink Technologies announce on June 18, 2024?

Vislink Technologies announced an inducement grant of 24,543 RSUs to Donald Gilliam, who became the Vice President of Operations on June 17, 2024.

What is the vesting schedule for the time-based RSUs granted to Donald Gilliam by Vislink?

The time-based RSUs will vest in one-third increments on each anniversary date over a period of three years.

When will the performance-based RSUs granted to Donald Gilliam by Vislink vest?

The performance-based RSUs will vest in three equal tranches upon attainment of specific performance metrics set by the Board of Directors or Compensation Committee by August 31, 2024, subject to continued employment.

What is the stock symbol for Vislink Technologies?

Vislink Technologies is listed under the stock symbol VISL.

What is the purpose of the inducement RSUs granted to Donald Gilliam by Vislink?

The inducement RSUs were granted to attract and retain Donald Gilliam as the Vice President of Operations, aligning his incentives with the company's performance objectives.