Freshworks Announces Inducement Grants Under Listing Rule 5635(c)(4) of The Nasdaq Stock Market

Rhea-AI Summary

Freshworks Inc. (NASDAQ: FRSH) announced the granting of significant equity awards to Dennis Woodside, its new President and director, under the 2022 Inducement Plan. The equity awards include a restricted stock unit for 1,732,501 shares and an option to purchase 1,776,780 shares at an exercise price of $13.61. These awards are part of Woodside's induction into the company and will vest over four years, with the first portion vesting on September 1, 2023. This move aims to incentivize long-term commitment and performance.

Positive

• Granting significant equity awards to the new President may enhance leadership stability and motivation.
• The structured vesting plan over four years encourages long-term commitment from Dennis Woodside.

Negative

• None.

SAN MATEO, Calif. , Sept. 01, 2022 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ: FRSH), a leading software company empowering businesses to delight their customers and employees, today announced that it granted to Dennis Woodside, Freshworks’ recently-appointed President and director, the following equity awards under its 2022 Inducement Plan: (1) a restricted stock unit award covering 1,732,501 shares of Freshworks’ Class A common stock and (2) an option to purchase 1,776,780 shares of Freshworks’ Class A common stock at an exercise price of $13.61.  Each award was granted as an inducement material to Mr. Woodside becoming a new employee of Freshworks in accordance with The Nasdaq Stock Market Listing Rule 5635(c)(4).

Each award will vest over approximately four years, with 1/4th of the award vesting on September 1, 2023, and 1/16th of the award vesting quarterly thereafter over the remaining three years, subject to continued employment with Freshworks through the relevant vesting date. Each equity award is subject to the terms and conditions of Freshworks’ 2022 Inducement Plan and the terms and conditions of a restricted stock unit award agreement covering the award.

About Freshworks Inc.

Freshworks Inc., (NASDAQ: FRSH) makes business software people love to use. Purpose-built for IT, customer support, sales and marketing teams, our products empower the people who power business. Freshworks is fast to onboard, priced affordably, built to delight, yet powerful enough to deliver critical business outcomes. Headquartered in San Mateo, California, Freshworks operates around the world to serve more than 58,000 customers including Bridgestone, Chargebee, DeliveryHero, ITV, Klarna, Multichoice, OfficeMax, TaylorMade and Vice Media. For the freshest company news visit www.freshworks.com and follow us on Facebook, LinkedIn and Twitter.

Investor Relations Contact:
Joon Huh
IR@freshworks.com
650-988-5699

Media Relations Contact:
Jayne Gonzalez
PR@freshworks.com
408-348-1087

© 2022 Freshworks Inc. All Rights Reserved. Freshworks and its associated logo is a trademark of Freshworks Inc. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any first parties of Freshworks Inc. or any aspect of this press release.

FAQ

What equity awards were granted to Dennis Woodside by Freshworks (FRSH)?

Dennis Woodside received a restricted stock unit for 1,732,501 shares and an option to purchase 1,776,780 shares at $13.61.

When will the equity awards granted to Dennis Woodside vest?

The awards will vest over four years, with 1/4th vesting on September 1, 2023, and the remainder vesting quarterly thereafter.

What is the purpose of the equity awards granted to Freshworks' new President?

The equity awards are aimed at incentivizing Dennis Woodside's long-term commitment and performance at Freshworks.