Oportun Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Oportun (Nasdaq: OPRT), a mission-driven fintech company, announced on June 20, 2024, that it granted a total of 142,478 restricted stock units (RSUs) to 39 new employees who joined the company in 2024. The grants were made under the Oportun 2021 Inducement Equity Incentive Plan. These RSUs have two vesting schedules: a four-year term with 25% vesting after one year and the balance in 12 equal quarterly installments, or a three-year term with approximately 33% vesting after one year and the balance in 8 equal quarterly installments. Both vesting schedules are contingent upon continued employment or service through each vesting date.

Positive

• Granted 142,478 restricted stock units to 39 new employees, indicating growth and expansion.
• Utilization of the Oportun 2021 Inducement Equity Incentive Plan to attract and retain talent.

Negative

• None.

SAN CARLOS, Calif., June 20, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech, today announced that on June 14, 2024, it granted a total of 142,478 restricted stock units to 39 new employees who joined Oportun in 2024. The grants were made from the Oportun 2021 Inducement Equity Incentive Plan. The restricted stock unit awards either have a (i) four-year vesting term and 25% will vest on the one-year anniversary of the grant date, with the balance vesting in twelve substantially equal quarterly installments thereafter, subject to continued employment or service through each vesting date, or a (ii) three-year vesting term and approximately 33% will vest on the one-year anniversary of the grant date, with the balance vesting in eight substantially equal quarterly installments thereafter, subject to continued employment or service through each vesting date.

About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven fintech that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.2 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

FAQ

What did Oportun announce on June 20, 2024?

Oportun announced the granting of 142,478 restricted stock units to 39 new employees under the Oportun 2021 Inducement Equity Incentive Plan.

What is the ticker symbol for Oportun?

The ticker symbol for Oportun is OPRT.

How many restricted stock units did Oportun grant to new employees in 2024?

Oportun granted a total of 142,478 restricted stock units to new employees in 2024.

What is the vesting schedule for Oportun's restricted stock units?

The RSUs have either a four-year vesting term with 25% vesting after one year and the balance vesting in 12 equal quarterly installments, or a three-year vesting term with approximately 33% vesting after one year and the balance in 8 equal quarterly installments.

Under which plan were the RSUs granted?

The RSUs were granted under the Oportun 2021 Inducement Equity Incentive Plan.