Inspirato Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Inspirato Incorporated (NASDAQ: ISPO), a luxury travel club, has announced the approval of equity awards for its newly-hired Chairman and CEO, Payam Zamani. The grants, made under the company's 2024 Inducement Award Plan, include 500,000 time-based restricted stock units (RSUs) and 500,000 performance-based restricted stock units (PSUs). The RSUs will vest over four years, with 25% vesting on August 13, 2025, and the remaining 75% vesting quarterly over the next three years. The PSUs will vest if Inspirato's Class A Common Stock reaches a closing price of $15 per share or more for 30 consecutive days before August 14, 2025. These grants are part of Zamani's employment agreement and are subject to his continued service with the company.

Positive

• Appointment of new Chairman and CEO, potentially bringing fresh leadership and strategy
• Implementation of performance-based incentives for new CEO, aligning interests with shareholders

Negative

• Potential dilution of existing shareholders due to the issuance of 1 million new stock units

DENVER, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Inspirato Incorporated (“Inspirato” or the “Company”) (NASDAQ: ISPO), the innovative luxury travel club, today announced its Board of Directors approved the grant of equity awards on August 13, 2024 as a material inducement to the employment of newly-hired Chairman and CEO, Payam Zamani. The grants were made under the Company’s 2024 Inducement Award Plan (the “Inducement Plan”) in accordance with Nasdaq Listing Rule 5635(c)(4).

In connection with Mr. Zamani’s appointment as Chairman and CEO on August 12, 2024, Inspirato granted inducement awards consisting of (a) 500,000 time-based restricted stock units (“RSUs”) and (b) 500,000 performance-based restricted stock units (“PSUs”), each with an effective grant date of August 13, 2024 and subject to the continued service with Inspirato. The RSUs will vest over four years with 25% of the shares vesting on August 13, 2025 and the remaining 75% vesting in equal quarterly installments over the remaining three years. The PSUs will vest on the trading day following Inspirato’s Class A Common Stock (NASDAQ: ISPO) achieving a closing price of $15 per share or more for 30 consecutive days prior to August 14, 2025.

Each RSU and PSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of the RSU agreement covering the grant.

About Inspirato

Inspirato (NASDAQ: ISPO) is a luxury travel company that provides exclusive access to a managed and controlled portfolio of curated vacation options, delivered through an innovative model designed to ensure the service, certainty, and value that discerning customers demand. The Inspirato portfolio includes branded luxury vacation homes, accommodations at five-star hotel and resort partners, and custom travel experiences. For more information, visit www.inspirato.com and follow @inspirato on Instagram, Facebook, X, and LinkedIn.

Contacts:

Investor Relations:
ir@inspirato.com

Media Relations:
communications@inspirato.com

FAQ

What equity awards did Inspirato (ISPO) grant to its new CEO?

Inspirato granted its new CEO, Payam Zamani, 500,000 time-based restricted stock units (RSUs) and 500,000 performance-based restricted stock units (PSUs) on August 13, 2024.

When will the RSUs granted to Inspirato's (ISPO) new CEO vest?

The RSUs will vest over four years, with 25% vesting on August 13, 2025, and the remaining 75% vesting in equal quarterly installments over the next three years.

What is the performance condition for the PSUs granted by Inspirato (ISPO)?

The PSUs will vest if Inspirato's Class A Common Stock achieves a closing price of $15 per share or more for 30 consecutive days before August 14, 2025.

When was Payam Zamani appointed as Chairman and CEO of Inspirato (ISPO)?

Payam Zamani was appointed as Chairman and CEO of Inspirato on August 12, 2024.