Payfare Announces Grant of Options and Restricted Share Units

TORONTO, April 13, 2021 /CNW/ — Payfare Inc. (“Payfare” or the “Company“) (TSX:PAY) announces that it granted on April 12, 2021 an aggregate of 156,000 restricted share units (“RSUs“) and 1,330,000 stock options (“Options“) to certain directors, officers and employees of the Company in accordance with the Company’s incentive compensation plan which was approved by the shareholders of the Company on March 8, 2021.

126,000 RSUs issued to officers and employees of the Company will vest in full on March 31, 2022; and 30,000 RSUs issued to independent directors as part of such directors’ annual compensation will vest in full on December 31, 2021.

The Options will be exercisable at an exercise price of $7.20 per Class A common share of the Company until November 15, 2025, subject to 20% of the Options vesting on each of August 15. 2021, November 15, 2021, May 15, 2022, August 15, 2022 and November 15, 2022.