On October 9, 2023, the Board of Directors (the ?Board?) of Paltalk, Inc. increased the size of the Board from five (5) directors to six (6) directors and filled the newly created vacancy by appointing Geoffrey Cook as a director of the Company, effective as of October 10, 2023. Mr. Cook will serve in such capacity until the Company?s 2024 annual meeting of stockholders or until his earlier death, resignation or removal. Mr. Cook was also appointed to serve as a member of the Nominating and Corporate Governance Committee of the Board and the Strategic Transactions Committee of the Board.
In connection with his appointment to the Board, and in lieu of receiving compensation pursuant to the Company?s non-employee director retainer policy, on October 10, 2023, Mr. Cook was granted a non-qualified stock option to purchase 100,000 shares of common stock of the Company, par value $0.001 per share (the ?Common Stock?), with an exercise price equal to $1.86 per share of Common Stock. The shares of Common Stock underlying such option will vest and become exercisable in four equal annual installments on each anniversary of the date of grant, provided that Mr. Cook is providing servicing to the Company on each applicable vesting date.