SCOTTSDALE, AZ -- (MARKET WIRE) -- 07/01/2005 -- eFunds Corporation (NYSE: EFD), a leading provider of risk management, electronic payments and global outsourcing solutions, announced today that concurrently with the closing of the WildCard Systems acquisition, the Company adopted the eFunds Corporation 2005 Special Supplement Employment Inducement Award Plan. Under the Plan, the Company is authorized to make employment inducement awards of restricted stock or restricted stock units to employees of WildCard. 37,500 shares of the Company's common stock are available for issuance pursuant to awards granted under this plan.
Pursuant to the plan, the Company granted Larence Park, the chief executive officer of WildCard, restricted stock units convertible into 37,500 shares of the Company's common stock. 60% of the restricted stock units will vest and be converted into shares of common stock on September 16, 2008, 20% will vest and be so converted on September 16, 2009, and 20% will vest on September 16, 2010. Any unvested portion of the restricted stock units will be forfeited upon the termination of Mr. Park's employment with the Company, except if Mr. Park's employment is terminated following a change of control of the Company or by reason of his death or disability. In these circumstances, any unvested portion of the restricted stock units will vest upon Mr. Park's last day of employment with the Company.
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