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TORONTO, April 13, 2021 /CNW/ -- Payfare Inc. ("Payfare" or the "Company") (TSX:PAY) announces that it granted on April 12, 2021 an aggregate of 156,000 restricted share units ("RSUs") and 1,330,000 stock options ("Options") to certain directors, officers and employees of the Company in accordance with the Company's incentive compensation plan which was approved by the shareholders of the Company on March 8, 2021.
126,000 RSUs issued to officers and employees of the Company will vest in full on March 31, 2022; and 30,000 RSUs issued to independent directors as part of such directors' annual compensation will vest in full on December 31, 2021.
The Options will be exercisable at an exercise price of $7.20 per Class A common share of the Company until November 15, 2025, subject to 20% of the Options vesting on each of August 15. 2021, November 15, 2021, May 15, 2022, August 15, 2022 and November 15, 2022.
Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.
For further information please visit www.payfare.com or contact:
Chief Compliance & Legal Officer
1 (888) 850-2713
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Payfare's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under "Risk Factors" in Payfare's final prospectus dated March 15, 2021. Payfare does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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