CALGARY, Sept. 25, 2019 /CNW/ - Katipult Technology Corp. (TSXV:FUND) ("Katipult" or the "Company") announces that it has granted restricted share units (the "RSUs") under the Company's Restricted Share Unit Plan (the "RSU Plan") to each of its three independent directors and its Board Secretary (the "RSU Recipients"). In aggregate, 645,653 RSUs have been granted.
Each RSU represents the right to receive one common share of the Company upon vesting.
All the RSUs will vest on September 1, 2020, subject to the terms and conditions set forth in the RSU Plan.
These grants represent compensation to the RSU Recipients for their respective service to the Company as Directors and as Board Secretary for the upcoming year following the 2019 Annual General Meeting held on August 12, 2019, and as an incentive mechanism to foster the interest of such persons in the success of the Company. For the previous year of service, the Company granted in aggregate 483,870 RSUs to its Independent Directors and Board Secretary, all of which vested on August 29, 2019. The Company does not currently pay cash compensation to its Independent Directors or the Board Secretary.
In addition, the Company announced it has granted options (the "Options") under the Company's Option Plan (the "Option Plan") to each of its three independent directors and its Board Secretary (the "Option Recipients"). In aggregate, 1,800,000 Options have been granted with a five year term. The Options are exercisable for a period of five years, at a price of $0.29 per share, being the closing price of the Company's common shares on the TSX Venture Exchange on September 23, 2019, the last trading prior to the date of grant. All Options were granted in accordance with the Option Plan.
About Katipult
Katipult (www.katipult.com) is a proprietary cloud-based software infrastructure to digitize and automate private placements, while providing best-of-breed standards for eliminating transaction redundancy, enhancing investor experience, and accelerating deal flow. We provide unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements. We have compliant platforms in over 20 unique regulatory environments.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the increased or continued industry interest in the Company's product, future growth constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including, but not limited to, the Company's product will continue to operate as expected, and the industry will continue to see value in the Company's product. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or 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.
SOURCE Katipult Technology Corp.
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Katipult Technology Corp., Brock Murray, CEO, bmurray@katipult.com, 587-393-3981Copyright CNW Group 2019