Top Image Systems to Reprice Unvested Employee Stock Options
TEL AVIV, Israel and PLANO, Texas, Aug. 11, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (TISA), a global innovator of intelligent content processing solutions, announced today that its Board of Directors has approved the repricing of employees’ unvested options, such that every unvested option’s exercise price will be amended to an exercise price of $2.11 per share.
All other terms of the options, including the vesting schedules, remain unchanged.
The repricing will apply to unvested options to purchase 377,275 ordinary shares granted to officers and employees. The exercise prices of unvested options to purchase an additional 79,166 ordinary shares held by 2 board members and our CEO will not be adjusted unless approved by the Company’s shareholders at the next Annual General Meeting. The unvested options subject to repricing represent less than 2.5 percent of the Company’s fully diluted shares outstanding.
"The objective of this repricing of unvested options is to ensure that our equity plan provides a meaningful incentive to our employees and to align the interests of our personnel with those of our shareholders. Following a difficult period and painful steps to right-size the Company and cut costs, our Board wants to show appreciation to the employees that remain dedicated to the future of the Company," explained Yossi Dagan, CFO, Top Image Systems. "We believe that the repricing serves the interests of our shareholders, in that it is vital to the success of Top Image Systems that employees remain with the Company, stay motivated and help us to continue to achieve our long-term growth objectives. This action is an important step in that direction."
