XTM Appoints Chief Operating Officer and General Counsel

Rhea-AI Summary

XTM, Inc. (QB: XTMIF / CSE:PAID / FSE:7XT), a fintech firm, has appointed Mr. Veer Siddiqui as Chief Operating Officer and General Counsel. With over 12 years in legal advisement, Siddiqui's background includes significant roles in technology law and corporate counsel, notably with Tasktop Technologies and Terramera. Furthermore, XTM has introduced a new equity incentive policy allowing ongoing issuance of restricted share units (RSUs) and stock options to attract and retain talent, totaling 1,000,000 RSUs and 2,500,000 options, aimed at boosting company growth and employee engagement.

Positive

• Appointment of Veer Siddiqui as COO and General Counsel brings substantial legal expertise.
• New equity incentive policy aims to attract and retain talent, enhancing employee engagement.
• Planned issuance of RSUs and stock options may lead to improved performance and growth.

Negative

• Potential gaps in leadership continuity if new executives do not align with existing company culture.

MIAMI & TORONTO--(BUSINESS WIRE)-- XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world, is pleased to announce the appointment of Mr. Veer Siddiqui as Chief Operating Officer and General Counsel.

Mr. Siddiqui has more than 12 years of experience providing legal advice, starting his career at Blakes, Cassels & Graydon LLP. He has provided companies with legal guidance on a broad range of technology issues, including licensing, partnerships, litigation and the development of privacy and other compliance programs. He clerked with the Supreme Court of British Columbia and has appeared before all levels of the BC courts and various regulatory bodies. He most recently led the legal team at Tasktop Technologies Inc. supporting the company’s rapid growth. Additionally, his career includes a breadth of strategic consulting, and operational and product launch experience, such as serving as the Director of Business Services & Corporate Counsel at Terramera Inc. an award-winning biotech company.

“Our success in attracting an executive resource with the pedigree of Veer speaks to XTM’s success and growing maturity,” said Marilyn Schaffer, CEO, XTM. “We are poised to scale for the significant growth ahead and are building an internal team to help us get there efficiently.”

Grant of RSUs and Options

The Company also announces that its board of directors has approved a new equity incentive policy (the “Incentive Policy”) which will allow the employees of the Company to receive options and RSUs on an ongoing basis as part of their total compensation package, in line with XTM’s belief in providing positive incentives for its executives and employees. The options and RSUs issued pursuant to the Incentive Policy will be issued under the Company’s existing option and RSU plans, up to a maximum of 1,000,000 RSUs and 2,500,000 options during the period ending April 1, 2023. The Incentive Policy is intended to address a highly competitive labour market by attracting new talent, retaining existing employees and encouraging the Company’s employees and executives to work together to increase value for all of the Company’s stakeholders.

The Company has granted an aggregate of 780,500 restricted share units and 1,700,000 stock options to certain officers, contractors, and employees of the Company, of which 500,000 RSUs and 1,450,000 options were issued pursuant to the Incentive Policy. The options and RSUs have been issued in accordance with XTM’s existing compensation policies and any applicable employment agreements or arrangements and will vest over 24 months in equal quarterly amounts, with the options exercisable at an exercise price of between $0.185 and $0.33 for a period of 3 years from their issue.

About XTM

XTM, www.xtminc.com, is a Miami and Toronto-based fintech innovator in the neo-banking space, helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities. XTM's Today™ Solution, comprised of a free mobile app and a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and staff across Canada and the United States. XTM is a global card issuer and real-time payment specialist. Our technology is used by Restaurants, Salons and service staff at no charge to automate and expedite Earned Wage and Gratuity Access, increasing time and attendance and eliminating cash from ecosystems. XTM's Today solution drives operational efficiencies and delivers a bespoke user experience designed specifically for service workers.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, that the integrations will attract new business owners to use the Today program, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. While XTM can make best efforts to estimate when businesses will re-open or back to pre-Covid 19 business levels there are no guarantees this will happen in the time the Company expects or if at all. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005978/en/

Marilyn Schaffer, CEO

T: 416.260.1641

Email: finance@xtminc.com

Source: XTM, Inc.

FAQ

What is the significance of the appointment of Veer Siddiqui at XTM (XTMIF)?

Veer Siddiqui's appointment as COO and General Counsel is significant due to his extensive legal experience and expertise in technology law, which can strengthen XTM's operational capabilities.

What does the new equity incentive policy at XTM entail?

The new equity incentive policy at XTM allows for the ongoing issuance of RSUs and stock options, totaling up to 1,000,000 RSUs and 2,500,000 options, aimed at enhancing talent attraction and retention.

How will the RSUs and stock options impact XTM's employees?

The RSUs and stock options are designed to incentivize employees, encouraging them to work towards increasing the company's value and performance.

What is the goal behind XTM's recent management changes?

The management changes at XTM aim to position the company for significant growth and to build an internal team capable of scaling operations efficiently.