CALGARY, AB, Dec. 3, 2020 /CNW/ - 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.
About Katipult
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.
