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Thunderbird Entertainment Group Announces Completion of Annual Grant of RSUs and PSUs to Board of Directors and Executive Management and Renegotiated CEO Compensation
VANCOUVER, British Columbia, November 25, 2024--(BUSINESS WIRE)--Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) ("Thunderbird" or the "Company") has granted an aggregate amount of 143,317 restricted share units (the "RSUs") to its non-executive directors on November 25, 2024, pursuant to the terms of the Company’s equity incentive compensation plan. The RSUs will vest on December 14, 2024. Each vested RSU entitles the holder thereof to receive one common share of the Company.
The Company also granted an aggregate amount of 171,606 RSUs to certain members of the Company’s executive management team, pursuant to the terms of the Company’s equity incentive compensation plan. The RSUs will vest over three years, and each vested RSU entitles the holder to receive one common share of the Company. Additionally, 400,412 performance share units ("PSUs") were granted to certain members of the Company’s executive management team, based on certain performance targets to be met. Subject to the satisfaction of such performance targets, the PSUs will vest on the one-year anniversary of the date of the grant. Each vested PSU entitles the holder to receive one common share of the Company (or can be paid out in cash at the discretion of the Company’s board of directors).
Thunderbird Entertainment Inc. ("TEI"), a wholly-owned subsidiary of the Company, has also entered into an Addendum to the Executive Employment Agreement dated July 1, 2021 between TEI and Jennifer Twiner McCarron, the CEO of the Company (the "Addendum"). Under the terms of the Addendum, effective from July 1, 2024, Ms. Twiner McCarron has agreed to forego a guaranteed bonus and has agreed to a bonus structure that ensures eligibility for annual short term incentive payments is driven entirely by performance based on the achievement of AEBITDA targets and strategic objectives established by the Company’s board of directors.
For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv.
ABOUT THUNDERBIRD ENTERTAINMENT GROUP
Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media) and Thunderbird Scripted. Productions under the Thunderbird umbrella include Mermicorno: Starfall, Super Team Canada, Molly of Denali, Highway Thru Hell, Kim’s Convenience, Boot Camp, and Sidelined: The QB and Me. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the Company and select third parties. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.
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 release.
Cautionary Statement Regarding Forward-Looking Information
Thunderbird’s public communications may include written, or oral "forward-looking statements" and "forward-looking information" as defined under applicable Canadian securities legislation. Forward-looking statements or information may be identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "plan", "project", "should", "believe", "intend", or similar expressions concerning matters that are not historical facts. Forward-looking statements in this document include, but are not limited to, statements with respect to the vesting schedule of the RSUs, the PSUs, and the achievement of certain performance objectives relating to Ms. Twiner McCarron’s performance bonus entitlements.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; and other factors set out in the "Risk and Uncertainty" section of the Company’s MD&A dated June 30, 2024. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company.
The forward-looking statements or information contained in this document represent the Company’s views as of the date hereof, and therefore such information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this document. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are therefore cautioned that the foregoing lists of important factors are not exhaustive, and they should not unduly rely on the forward-looking statements included in this news release. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Thunderbird has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
