Planet Payment Inc. Director's Restricted Stock Grant (0613C)

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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: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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