Thetford Mines, Quebec - TheNewswire - January 7, 2021 - KDA Group Inc. (TSXV:KDA) (“KDA” or the “Corporation”) announces that it has approved an amendment to its stock option plan (the ”Stock Option Plan”) in order to increase the number of class A shares (“Common Shares”) that may be issued pursuant to the exercise of options under the Stock Option Plan from 8,477,551 to 25,284,189 being 20% of the Corporation’s issued and outstanding Common Shares. The approval is subject to the vote of disinterested shareholders of the Corporation at the annual general and special meeting of shareholders to be held on January 29, 2021 and to regulatory approval.
The Corporation previously announced in the press release of October 15, 2020 the appointments of Mr. Sylvain Duvernay as Chief Executive Officer of the Corporation and Mr. Pierre Monet as Chief Financial Officer of the Corporation (the “Officers”), effective on that date to replace respectively Mr. Marc Lemieux as Chief Executive Officer and Mrs. Annie Mercier as Chief Financial Officer.
Pursuant to their employment agreement dated October 15, 2020 (the “Employment Agreements”) part of compensation for each Officer consists of the issuance of 2,000,000 Common Shares of the Corporation, for an aggregate of 4,000,000 Common Shares (the “Officer Shares”) over a 36-month period, subject to the approval of the disinterested shareholders of the Corporation and the TSX Venture Exchange (the “TSXV”).
The Officer Shares shall be issued to each Officer by the Board of Directors in tranches of 500,000 Common Shares over a 36-month period, as follows:
i) 500,000 Common Shares will be issued following the approval of the Shareholders and the TSXV;
ii) 500,000 Common Shares shall be issued on the 12-month anniversary of the Employment Agreement, specifically on or about October 15, 2021;
iii) 500,000 Common Shares shall be issued on the 24-month anniversary of the Employment Agreement, specifically on or about October 15, 2022; and
iv) 500,000 Common Shares shall be issued on the 36-month anniversary of the Employment Agreement, specifically on or about October 15, 2023.
If the employment of an Officer is terminated within 60 days before an anniversary date for the issuance of Common Shares, the Corporation shall issue the number of Common Shares for said anniversary date, otherwise no Common Shares shall be issued for the current anniversary date and any other anniversary date thereafter.
The approval of the Officer Shares’ issuance is subject to the vote of disinterested shareholders of the Corporation at the annual general and special meeting of shareholders to be held on January 29, 2021 and to regulatory approval.
ABOUT KDA GROUP
KDA Group is a leading innovation and specialized solution provider in the pharmaceutical market. Today, it is a respected name for quality and expertise among the different stakeholders in the pharmaceutical and medical sector. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.kdagroup.ca and on SEDAR at www.sedar.com.
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release from KDA Group contains forward-looking statements. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target, and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive, and will. By their nature, forward-looking statements require us to make estimates and assumptions and express opinions based on current conditions and anticipated developments, as well as other factors that Management may deem appropriate under the circumstances. There is inherent uncertainty and significant risk in these estimates, assumptions, and opinions, particularly of a commercial, economic, and competitive nature, and they are therefore subject to change. KDA Group cannot guarantee that these estimates, assumptions, and opinions will prove to be accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Chief Executive Officer
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