Clip Money Inc. Reports Issuance of Options

Rhea-AI Summary

Clip Money Inc. grants 465,000 options to executives to acquire common shares, recognizing their performance in 2023. The options have a three-year vesting period, an exercise price of CDN$0.18, and expire in 10 years.

TORONTO, March 11, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, announces the grant of an aggregate of 465,000 options (the “Options”) to acquire common shares of the Company (the “Common Shares”) to certain executives of the Company to recognize their strong performance in 2023. The following Options have been granted: (i) 275,000 Options to Joseph Arrage, (ii) 260,000 Options to Brian Bailey, (iii) 155,000 Options to Andrew Tussing, and (iv) 75,000 Options to Roger Dalal. The Options have a three-year vesting period, an exercise price equal to CDN$0.18, being the trading price of the Common Shares at the close of business on March 8, 2024, and will expire 10 years from the date of the grant. The Options are governed by the terms of the Company’s omnibus equity incentive plan, under which an aggregate of 10,494,753 Common Shares are issuable.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

About Clip Money Inc.

Clip operates a multi-bank self-service deposit system for businesses through its ClipDrop Boxes that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.

For further information, please contact:

Joseph Arrage
Chief Executive Officer
tel: 844-593-2547

FAQ

How many options were granted by Clip Money Inc. to executives?

Clip Money Inc. granted 465,000 options to executives to acquire common shares.

What is the vesting period for the options granted by Clip Money Inc.?

The options granted by Clip Money Inc. have a three-year vesting period.

What is the exercise price for the options granted by Clip Money Inc.?

The exercise price for the options granted by Clip Money Inc. is CDN$0.18.

When do the options granted by Clip Money Inc. expire?

The options granted by Clip Money Inc. expire 10 years from the date of the grant.

Under which plan are the options granted by Clip Money Inc. governed?

The options granted by Clip Money Inc. are governed by the terms of the Company's omnibus equity incentive plan.