HENDERSON, Nev.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24tpnl&src=ctag” target=”_blank”gt;$tpnllt;/agt; lt;a href=”https://twitter.com/hashtag/prepaid?src=hash” target=”_blank”gt;#prepaidlt;/agt;–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 employee’s 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 employee’s 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
employee’s 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. 3PEA’s corporate
incentive prepaid cards are changing the way corporations reward,
motivate, and engage their current and potential customers, employees,
and agents. 3PEA’s customizable prepaid solutions offer significant cost
savings while improving brand recognition and customer loyalty. 3PEA’s
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.