A hundred pence to embrace that fellow ape (5)
I believe the answer is:
chimp
'ape' is the definition.
(chimp is a kind of ape)
'a hundred pence to embrace that fellow' is the wordplay.
'a hundred' becomes 'C' (Roman numeral).
'pence' becomes 'p'.
'to embrace' is an insertion indicator.
'that fellow' becomes 'him' ('him' refers to a man).
'c'+'p'='cp'
'cp' going around 'him' is 'CHIMP'.
(Other definitions for chimp that I've seen before include "Arboreal ape from equatorial Africa (abbr)" , "A great ape (abbr.)" , "Ape (colloq.)" , "Creature" , "Anthropoid ape" .)