Planet Payment Inc. Director's Restricted Stock Grant (0613C)
March 11 2014 - 12:22PM
UK Regulatory
TIDMPPT TIDMTTM
RNS Number : 0613C
Planet Payment Inc.
11 March 2014
Date: 11 March 2014
On behalf of: Planet Payment, Inc. ("the Company" or "Planet Payment")
Director's Restricted Stock Grant
Planet Payment, Inc. (NASDAQ:PLPM) (LSE:PPT), a leading provider
of international payment and transaction processing and
multi-currency processing services, announces that on 10 March 2014
the Company granted 150,000 Restricted Common Shares of $0.01 par
value in the Company, ("Restricted Stock") at a purchase price of
$0.01 per share, to Mr. Philip Beck, the Chairman of the Board of
Directors of the Company. This grant was made in connection with
Mr. Beck's position as Chairman of the Company and is made,
pursuant to the Company's 2012 Equity Incentive Plan
The Restricted Stock vesting is subject to performance
conditions and the shares are subject to forfeiture by the Company,
in the event that the conditions are not met prior to 31 May 2015.
The performance conditions are as follows:
The shares will become vested if the closing price of the
Company's common stock on The NASDAQ Stock Market is at least $6.00
per share for 30 consecutive trading days. Additionally, in the
event that the Company completes a change of control transaction,
the shares shall become vested if the consideration for such
transaction is at least $6.00 per share, or the fair market value
of the Company's common stock immediately following such change of
control transaction is at least $6.00 per share. In both cases, the
grant requires Mr. Beck to be in office as Chairman of the Company
at the time the performance condition is fulfilled.
On 19 February 2014 it was announced that 320,250 shares of
Restricted Stock previously issued to Mr. Beck had been cancelled.
Following the above transactions, Mr. Beck's interest in the issued
and outstanding common stock of the Company (including the
outstanding shares of Series A Preferred Stock on an as converted
to common stock basis ("Issued Common Stock")), is 2,306,822 Common
Shares representing 3.8% of the Issued Common Stock.
About Planet Payment
Planet Payment is a leading provider of international payment
and transaction processing and multi-currency processing services.
We provide our services in 22 countries and territories across the
Asia Pacific region, North America, the Middle East, Africa and
Europe, primarily through our more than 60 acquiring bank and
processor customers. Our point-of-sale and e-commerce services help
merchants sell more goods and services to consumers, and together
with our ATM services are integrated within the payment card
transaction flow enabling our acquiring customers, their merchants
and consumers to shop, pay, transact and reconcile payment
transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in
Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong
Kong, Mexico City, Shanghai and Singapore. Visit
ww.planetpayment.com for more information about the Company and its
services. For up-to-date information follow Planet Payment on
Twitter at @PlanetPayment or join Planet Payment's Facebook
page.
Enquiries:
Planet Payment, Inc. Tel: + 1 516 670 3200
Graham N. Arad, SVP General Counsel www.planetpayment.com
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan Tel: +44 20 7523 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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