Mr. Dave Brown reports
POWERTAP HYDROGEN CAPITAL CORP.
ANNOUNCES GRANT OF RSUS
Pursuant to its shareholder approved restricted share unit plan, Powertap Hydrogen Capital Corp. has granted an aggregate of 48.43 million restricted share units (RSUs) to directors, officers and consultants of the company. The RSUs will vest over a period of two to four months with certain RSUs having predetermined milestones that need to be met in order to vest. The RSUs shall entitle the eligible parties the ability to acquire one common share of the company underlying each such RSU by delivering a notice of acquisition to the company in accordance with the RSU plan for a period of five years from issuance. In accordance with the RSU plan, the RSUs were priced at $1.2569 based on the previous five-day volume weighted average trading price, calculated by dividing the total value by the total volume of securities traded for the relevant period.
The company is also announcing that it has renewed its engagement with First Marketing GmbH, a leading investor relations and marketing firm based in Heidelberg, Germany, to continue providing marketing services for an additional period of six months, focused on the European markets. The company initially retained First Marketing in October, 2020, and renewed the engagement in February, 2021. Under this latest renewal, the service provider is to continue to provide content distribution, translation and advertising services in Europe. The company agreed to reimburse the service provider up to one million euros for distribution and advertising costs, and grant to the principals of First Marketing an aggregate of 12 million RSUs to develop required content and artwork and to launch its market awareness programs in the European Union over a six-month period. These compensation RSUs form part of the RSU grants referenced above and will vest in thirds on the second, third and fourth month from the grant date. The service provider is arm's length to the company, and all content created by the service provider on behalf of the company will be reviewed and vetted in accordance with the company's review procedures before distribution.
About Powertap Hydrogen Capital Corp.
Powertap Hydrogen Capita, through its wholly owned subsidiary, Powertap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States. Powertap's patented solution has been developed over 20 years. Powertap is now commercializing its third-generation blue hydrogen product that will focus on the refuelling needs of the automotive and long-haul trucking markets that lack hydrogen fuelling infrastructure. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
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