3PEA International, Inc. (NASDAQ:TPNL), a vertically integrated provider of innovative prepaid card programs and processing services for corporate, consumer and government applications, announced that the compensation committee of its Board of Directors has approved equity awards as a material inducement to employment to five individuals, including the Chief Financial Officer and Chief Legal Officer, hired by 3PEA during the Fourth Quarter of 2018 and First Quarter of 2019. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 150,000 shares of 3PEA’s common stock, and in the aggregate, grants equal to 1,000,000 restricted shares of 3PEA common stock. The options have an exercise price of $3.565 per share, which is equal to the closing price of 3PEA’s common stock on January 14, 2019 (the Option Date). One-fifth of the shares underlying the employees option will vest yearly on each anniversary of the Option Date. The shares underlying the options will be fully vested on the fifth anniversary of the Option Date, subject to continued employment with 3PEA on such vesting dates. One-fifth of the granted restricted shares will vest yearly on each anniversary of the employees start date (Grant Date), such that the restricted shares granted to each employee will be fully vested on the fifth anniversary of the Grant Date, in each case, subject to each such employees continued employment with 3PEA on such vesting date.
About 3PEA International
3PEA International (NASDAQ:TPNL) is an experienced and trusted prepaid debit card payment solutions provider as well as an integrated payment processor that has managed millions of prepaid debit cards in its portfolio. Through its PaySign brand, 3PEA conceptualizes, develops and manages payment solutions, prepaid card programs, and customized payment services. 3PEAs corporate incentive prepaid cards are changing the way corporations reward, motivate, and engage their current and potential customers, employees, and agents. 3PEAs customizable prepaid solutions offer significant cost savings while improving brand recognition and customer loyalty. 3PEAs customers include healthcare companies, major pharmaceutical companies, large multinationals, prestigious universities, and social media companies. PaySign is a registered trademark of 3PEA Technologies, Inc. in the United States and other countries. For more information visit us at www.3pea.com or follow us on LinkedIn, Twitter and Facebook.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. 3PEA undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.