TORONTO, Jan. 12, 2021 /CNW/ – Think Research Corporation (TSXV: THNK) (the “Company“) today announced, as an update to its press release dated December 24, 2020 entitled “Think Research Corporation Announces Grant of Equity Compensation and Appointment of Chief Operating Officer”, that at the request of the TSX Venture Exchange (the “TSXV“) it had cancelled the previously announced grants of equity compensation that had been issued on December 23, 2020, pending development of a satisfactory trading market for the Company’s common shares.
Following confirmation from the TSXV that a satisfactory trading market had developed, the Company announced that it had granted, effective January 12, 2021, an aggregate of 619,624 restricted share units (each, a “RSU“) to certain key executives and employees of the Company pursuant to the Company’s Omnibus Equity Incentive Plan (the “Incentive Plan“). Each RSU represents the right to receive, once vested, one common share in the capital of the Company (each, a “Common Share“). The RSUs vest as follows:
- 225,000 RSUs, 33% of which vest on December 23, 2021, 33% of which vest on December 23, 2022 and 33% of which vest on December 23, 2023;
- 300,000 RSUs, 20% of which vest on December 23, 2020, and as to the balance of 80% of such RSUs, 33% of which vest on December 23, 2021, 33% of which vest on December 23, 2022 and 33% of which vest on December 23, 2023; and
- 94,624 RSUs, 25% of which vest every six months following the grant date.
The Company also announced that it has granted, effective January 12, 2021, an aggregate of 1,180,000 stock options (each, an “Option“) to certain key executives and employees of the Company pursuant to the Incentive Plan at an exercise price of $4.65 per Common Share, with an expiry date that is five years from the grant date. The Options vest as follows:
- 450,000 Options, 33% of which vest on December 23, 2021, 33% of which vest on December 23, 2022 and 33% of which vest on December 23, 2023;
- 600,000 Options, 20% of which vest on December 23, 2020, and as to the balance of 80% of such RSUs, 33% of which vest on December 23, 2021, 33% of which vest on December 23, 2022 and 33% of which vest on December 23, 2023; and
- 130,000 Options, 30,000 of which vest on January 4, 2021, conditional on the commencement of employment of the applicable grantee on such date, the balance of which 100,000 Options vest as to 25% on each of October 1, 2021, October 1, 2022, October 1, 2023 and October 1, 2024.
The exercise price of $4.65 per Common Share is a premium to the volume-weighted average trading price of the Common Shares on the TSXV for the five days preceding the grant.
The Company also announced it has granted an aggregate of 107,525 deferred share units (each, a “DSU“) to the non-executive directors of the Company pursuant to the Incentive Plan. Each DSU represents the right to receive one Common Share upon the holder of such DSU ceasing to be employed as an officer, employee or director of the Company or any of its subsidiaries.
About Think Research Corporation
Think Research is an industry leader in delivering integrated digital healthcare solutions. The Company’s focused mission is to organize the world’s health knowledge so everyone gets the best care. Its evidence based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. For over a decade, TRC’s cloud-based, EMR-agnostic digital tools have empowered clinicians around the world and impacted millions of patients across the continuum of care – from acute to primary, community and seniors care. The Company is proud to serve as a trusted health system partner to a rapidly growing global client base that spans three continents and more than 2,200 healthcare facilities.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Think Research
