TEL AVIV, Israel and PLANO, Texas, Aug. 11, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ: 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."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects,", "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations Top Image Systems firstname.lastname@example.org +972 3 767 9114 Investors: James Carbonara Regional Vice President, Hayden IR email@example.com + 1 646 755 7412
Source:Top Image Systems Ltd.