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: | 41,342 shares |
| Graham N. Arad: | 28,800 shares |
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).
About Planet Payment
Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 18 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 45 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.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit ww.planetpayment.com for more information about the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment's Facebook page.