05:19 PM EDT, 03/19/2024 (MT Newswires) -- Clip Money Inc. ( CLPMF ) , a company that operates a multi-bank self-service deposit system for businesses, announced Tuesday that CEO Joseph Arrage has voluntarily agreed to terminate the 275,000 options to acquire common shares of the company that were granted to him for the purpose of redistributing such options to key employees of the company.

As such, and as a result of the termination of the old options, the company has issued an aggregate of 275,000 new options to employees of the company.

"The redistribution of the old options previously granted to me, as new options to key members of our team, symbolizes not only our continuous commitment to investing in those instrumental to realizing our strategic vision, but also my personal investment in the team that I strongly believe will lead us to success. I have full confidence that these individuals will persist in delivering substantial contributions to the company, ultimately enhancing shareholder value," says Arrage, in a statement.

The new options have a three-year vesting period with an exercise price equal to $0.20, being the trading price of the common shares at the close of business on March 18, 2024, and will expire 10 years from the date of grant.

The new options are governed by the terms of the company's omnibus equity incentive plan, under which an aggregate of 10.5 million common shares are issuable.