Cardlytics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Cardlytics (NASDAQ: CDLX) announced the grant of 350,000 restricted stock units to new Chief Operating Officer, Amit Gupta, as a part of its 2022 Inducement Plan. This grant is a material inducement for Gupta’s employment and adheres to Nasdaq Listing Rule 5635(c)(4). The vesting schedule includes 50% on the first anniversary and the remaining 50% quarterly over the subsequent year, contingent on Gupta's ongoing service. Cardlytics operates as a digital advertising platform leveraging banking data to enhance customer loyalty and marketer engagement.

Positive

• Hiring of Amit Gupta as COO signals strategic leadership enhancement.
• Granting of 350,000 restricted stock units demonstrates confidence in Gupta's potential impact.

Negative

• None.

ATLANTA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, today announced that Cardlytics’ Board of Directors granted 350,000 restricted stock units of Cardlytics to Amit Gupta, Cardlytics’ newly hired Chief Operating Officer. The foregoing restricted stock units were granted as a material inducement to employment with Cardlytics in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted under the Cardlytics 2022 Inducement Plan (the “2022 Inducement Plan”). 50% of the restricted stock units shall vest on the first anniversary of the grant date and the remaining 50% of the restricted stock units shall vest quarterly over the following year, subject to Gupta’s continuous service with Cardlytics as of each respective vesting date. The restricted stock units are subject to the terms and conditions of the 2022 Inducement Plan.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Palo Alto, Los Angeles, New York, and London. Learn more at www.cardlytics.com.

Contacts:

Public Relations:
Robert Robinson
pr@cardlytics.com 

Investor Relations:
Robert Robinson
ir@cardlytics.com 

FAQ

What is the significance of the restricted stock units granted to Amit Gupta by Cardlytics?

The restricted stock units serve as a material inducement for Gupta's employment, aligning his interests with shareholder value.

When will the restricted stock units for Amit Gupta begin to vest?

50% of the restricted stock units will vest on the first anniversary of the grant date, with the remaining 50% vesting quarterly over the next year.

What is the purpose of the 2022 Inducement Plan at Cardlytics?

The 2022 Inducement Plan aims to attract and retain talent by offering stock-based incentives to key hires.

How does Cardlytics use banking insights in its advertising platform?

Cardlytics leverages insights from banking data to identify and influence likely buyers, enhancing marketing effectiveness.