Calgary, Alberta – September 25, 2019 - 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.
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.