Calgary, Alberta – December 3, 2020 - Katipult Technology Corp. (TSXV:FUND) ("Katipult" or the "Company") is pleased to announce the addition of Mr. Karan Khiani as the Company's Vice President of Solutions Engineering and Mr. William Van Horne as the Company's Corporate Secretary.
Mr. Khiani is a technical sales leader who played a key role in the success of Versapay Corp, a TSXV listed company acquired by private equity firm Great Hill Partners for $126 MM. Karan built a team that fueled revenue growth and led product and consulting teams for VersaPay's top tier financial services customers.
Mr. Van Horne is a member of the Law Societies of Alberta and Ontario with 17 years of experience in corporate governance, corporate finance, mergers and acquisitions and securities regulation. He is currently a member of the Alberta and National Advisory Committees of the TSX Venture Exchange.
Mr. Gord Breese, Chief Executive Officer of Katipult, commented: "I'm excited to have Karan and Will join the Katipult Team. We are adding experience and bench strength as we continue to focus on delivering the industry's most robust and feature rich private capital software platform."
In connection with their appointments, Mr. Khiani has been granted 500,000 stock options (the "Options") pursuant to the terms of the Company's stock option plan (the "Option Plan") and Mr. Van Horne has been granted 100,000 Options pursuant to the terms of the Option Plan. Each Option represents the right to acquire one Common Share at an exercise price of $0.25. The Options vest as to 50% on the 2nd anniversary of the grant, 25% on the 3rd anniversary and the final 25% on the 4th anniversary of the grant. The Options expire on November 30, 2025.
Concurrently with the appointment of Mr. Van Horne as Corporate Secretary, Mr. Karim Teja has resigned as the Company's Corporate Secretary. Mr. Teja will remain the Chief Financial Officer of the Company. The appointments of Mr. Khiani and Mr. Van Horne are subject to the approval of the TSX Venture Exchange.
The Company also 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 (the "RSU Recipients"). In aggregate, 493,750 RSUs have been granted.
Each RSU represents the right to receive one common share of the Company (the "Common Shares") upon vesting. All the RSUs will vest on September 1, 2021, 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 for the upcoming year 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 645,653 RSUs to its Independent Directors and Board Secretary, all of which vested on September 1, 2020. The Company does not currently pay cash compensation to its independent directors.
The Company is also announcing the cancellation of 1,125,000 Options previously issued to the independent directors of the Company and 400,000 Options previously issued to an officer of the Company.
Katipult (www.katipult.com) is a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. Our cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors, and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements.
Cautionary Note Regarding Forward Looking Statements
Certain disclosure in this release, including statements regarding the approval of the appointments of Mr. Khiani and Mr. Van Horne by the TSXV, 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 anticipated approval of the new management appointees by the TSXV. 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.