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

Rhea-AI Summary

Vislink Technologies, Inc. (Nasdaq: VISL) has announced an inducement grant to Joseph Lipowski, who joined the company as Chief Technology Officer on August 29, 2024. The grant, made outside existing equity compensation plans, consists of 10,000 restricted stock units (RSUs) in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs are split equally between time-based and performance-based vesting:

• 50% time-based: Vesting in three equal annual installments over three years
• 50% performance-based: Vesting in three equal tranches upon meeting specific performance metrics to be set by November 7, 2024

Vesting is subject to Mr. Lipowski's continued employment. Upon vesting, the RSUs will be settled in Vislink common stock.

Positive

• Appointment of a new Chief Technology Officer, potentially bringing fresh expertise to the company
• Implementation of a performance-based vesting structure for 50% of the RSUs, aligning executive compensation with company performance

Negative

• Potential dilution of existing shareholders due to the issuance of new RSUs

Mt. Olive, NJ, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL) announced today that effective August 29, 2024, Joseph Lipowski was granted a time-based and performance-based award of 10,000 restricted stock units (“RSUs”) of the Company, outside of the Company’s existing equity compensation plans, in connection with Mr. Lipowski becoming employed as of that date as Chief Technology Officer of the Company. These RSUs were granted as an inducement grant material to Mr. Lipowski becoming an employee of Vislink in accordance with Nasdaq Listing Rule 5635(c)(4).

For Mr. Lipowski, 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 November 7, 2024, subject in each case to Mr. Lipowski’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

How many RSUs were granted to Joseph Lipowski as part of Vislink's inducement grant?

Joseph Lipowski was granted 10,000 restricted stock units (RSUs) as part of Vislink Technologies' inducement grant.

What is the vesting schedule for the RSUs granted to Vislink's new CTO?

50% of the RSUs are time-based, vesting in three equal annual installments over three years. The other 50% are performance-based, vesting in three equal tranches upon meeting specific performance metrics to be set by November 7, 2024.

When did Joseph Lipowski join Vislink Technologies (VISL) as Chief Technology Officer?

Joseph Lipowski joined Vislink Technologies as Chief Technology Officer on August 29, 2024.

Under which Nasdaq rule was Vislink's inducement grant to Joseph Lipowski made?

The inducement grant to Joseph Lipowski was made in accordance with Nasdaq Listing Rule 5635(c)(4).