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LONG BEACH, N.Y., Nov. 18, 2013 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international payment and transaction processing and multi-currency processing services, announces that on 15 November 2013 the Company granted at nil cost 200,000 Restricted Common Shares of $0.01 par value in the Company ("Restricted Stock "), to Mr. Carl Williams, a Director of the Company. This grant was made in connection with Mr. Williams taking up office as President 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.
Following the above transactions, Mr. Williams' 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 215,000 Common Shares representing 0.35% 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.