Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 31, 2020, the board of directors of Vislink Technologies, Inc. (the
"Company") approved an amendment (the "Amendment") to the Company's 2013
Long-Term Stock Incentive Plan (the "Plan"), effective January 1, 2021. The
Amendment removed a provision that no single participant may receive more than
25% of the total shares awarded in any single year under the Plan, and also
incorporates certain immaterial clarifying changes. The foregoing is a summary
description of the Amendment and is qualified in its entirety by reference to
the full text thereof, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated herein by reference.
On December 31, 2020, Michael Bond, the Company's Chief Financial Officer,
received an award pursuant to the amended Plan of 368,715 restricted stock units
("RSUs"). The RSUs vest in three equal tranches on or prior to the fifth
anniversary of the grant date, subject to the Company achieving certain revenue
levels in any trailing four-quarter fiscal period. The RSUs will become fully
vested if, during the 13 month period commencing on a change in control of the
Company, the Company terminates Mr. Bond's employment without Cause (as defined
in Mr. Bond's Employment Agreement) or he terminates his employment for Good
Reason (as defined in Mr. Bond's Employment Agreement).
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number Description
10.1 Amendment to 2013 Long-Term Stock Incentive Plan
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