IOU FINANCIAL INC. (“IOU Financial” or the “Company”) (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com) announced today the grant of options pursuant to its Stock Option Plan.
On this date, the Company granted options entitling its officers, directors, employees and consultants to acquire up to an aggregate of 2,225,000 Common Shares of the Corporation (“Shares”). Five hundred thousand options have an exercise price of $0.27 and the remainder have an exercise price of $0.20.
These options have a term of five years from the date of grant with one-third (1/3) vesting immediately and one-third (1/3) vesting on each of the first and second anniversaries of the date of grant, except that 100,000 of the options with an exercise price of $0.20 granted to Rose of Sharon Capital Corporation (a company engaged by IOU to assist it with a variety of corporate development and capital markets-related projects, including the provision of certain investor relation services) vest as follows: one-twelfth (1/12) of the options vest at each three (3) month period during the first 12 months of the date of grant, and one-third (1/3) vest on each of the first and second anniversaries of the date of grant.
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