TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) (the “Company”) today announces that it has amended its Long Term Bonus Plan for Company employees (the “Plan”) to allow for the inclusion of our President and Chief Operating Officer, who is also the Chief Technology person and who for the past year has also served as a Director of the Company. The previous intention of the Plan excluded Directors of the Company from participating. Mr. K. Barry Sparks, Chief Executive Officer noted “Mr. Siemens was included in the Plan from its inception, but by becoming a Board Director he was inadvertently blocked from participating in the Plan. The amendment to the document is solely to reinstate his participation in the Plan.”
The Company also notes that under the terms of a new Employment Agreement with Mr. Siemens he could be paid out under the Plan in the event of termination without cause or should he die, which in either case payment would represent 40% of the Plan value. The Plan value for this purpose is the 20 trading day weighted average of the Company’s common shares on the TSX-V Exchange. Further, Mr. Siemens will have the right to receive 40% of the Plan value as calculated above if there has not been a “change of control” event as set out in the Plan, prior to December 31, 2021.
The Company continues to see its revenue and profit grow as a number of new different systems are brought to the marketplace and as the distribution of our products continue to expand.
NamSys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. NamSys’ proprietary software products for this market are “open-architectured” and have been developed to interface with clients’ legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation’s sales strategies.