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LONG BEACH, N.Y., Dec. 28, 2012 (GLOBE NEWSWIRE) --
Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT) (LSE:PPTR), a leading provider of international payment processing and multi-currency processing services, announces the following issuances of shares pursuant to the exercise of a stock options by Mr. Philip Beck, Chairman and CEO, and Mr. Graham Arad, Director and SVP, General Counsel.
On December 27, 2012 the above mentioned directors exercised stock options via the "net exercise method" in accordance with the Company's 2006 Equity Incentive Plan, pursuant to which shares subject to the option are cancelled in order to pay the exercise price of the remaining shares. Each director will pay the income and other taxes arising out of the exercises in cash. As a result of these exercises the following shares of Common Stock will be issued to each director respectively:
Philip D. Beck:
Graham N. Arad:
Each option was for an exercise price of $2.50 and was due to expire on December 31, 2012. The remaining shares which are subject to the options which were exercised were cancelled, as follows: Philip Beck 172,258; Graham Arad 120,000.
Following the issuance of the shares pursuant to the option exercise:
Mr. Beck is interested in a total of 2,746,470 shares of Common Stock representing approximately 4.5% of the issued and outstanding shares of Common Stock (including the outstanding shares of Series A Preferred Stock on an as converted to Common Stock basis).
Mr. Arad is interested in a total of 1,034,806 shares of Common Stock representing approximately 1.7% of the issued and outstanding shares of Common Stock (including the outstanding shares of Series A Preferred Stock on an as converted to Common Stock basis).