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

Rhea-AI Summary

Oportun grants restricted stock units and stock options to new employees.

Positive

• Oportun granted a total of 58,702 restricted stock units and 16,210 stock options to 10 new employees. The restricted stock units have a four-year vesting term with 25% vesting on the one-year anniversary of the grant date, and the rest vesting in quarterly installments. The stock options also have a four-year vesting term with 25% vesting on the one-year anniversary of the grant date, and the rest vesting in monthly installments.

Negative

• None.

SAN CARLOS, Calif., June 15, 2023 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun”, or the "Company") today announced that effective June 10, 2023, it granted a total of 58,702 restricted stock units and 16,210 stock options under the Oportun 2021 Inducement Equity Incentive Plan to 10 new employees who joined Oportun. The awards of 58,702 restricted stock units have a 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. The awards of 16,210 stock options have a four-year vesting term and 25% will vest on the one-year anniversary of the grant date, with the balance vesting in 36 substantially equal monthly 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 1.9 million members' financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $16.0 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped our members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Usher Lieberman
(650) 769-9414
usher.lieberman@oportun.com

FAQ

What did Oportun announce?

Oportun announced the granting of restricted stock units and stock options to new employees.

How many restricted stock units and stock options were granted?

Oportun granted a total of 58,702 restricted stock units and 16,210 stock options.

What is the vesting term for the restricted stock units?

The restricted stock units have a four-year vesting term.

What is the vesting schedule for the restricted stock units?

25% of the restricted stock units will vest on the one-year anniversary of the grant date, with the remaining vesting in quarterly installments.

What is the vesting term for the stock options?

The stock options have a four-year vesting term.

What is the vesting schedule for the stock options?

25% of the stock options will vest on the one-year anniversary of the grant date, with the remaining vesting in monthly installments.

What is the requirement for continued vesting?

Vesting is subject to continued employment or service through each vesting date.