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

Rhea-AI Summary

Oportun (Nasdaq:OPRT), a fintech company, announced the granting of 330,460 restricted stock units to 56 new employees on September 10, 2022. These grants, made under the 2021 Inducement Equity Incentive Plan, have a four-year vesting term, with 25% vesting after one year and the remainder vesting quarterly. The grants align with Nasdaq Rule 5635(c)(4) and serve as material inducements for employment. Oportun, certified as a Community Development Financial Institution, provides inclusive financial services and has extended over $14 billion in credit since its inception.

Positive

• Granted 330,460 restricted stock units to 56 new employees to attract talent.
• Aligns with Nasdaq Rule 5635(c)(4), demonstrating regulatory compliance.

Negative

• None.

SAN CARLOS, Calif., Sept. 16, 2022 (GLOBE NEWSWIRE) -- Oportun (Nasdaq:OPRT), a mission-driven fintech company, today announced that on Sep. 10, 2022, it granted a total of 330,460 restricted stock units under the Oportun 2021 Inducement Equity Incentive Plan to 56 new employees who joined Oportun. These inducement grants 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 inducement grants were approved by Oportun’s Compensation and Leadership Committee of the Board of Directors, as required by Nasdaq Rule 5635(c)(4), and were granted as an inducement material to employment in accordance with Nasdaq Rule 5635(c)(4).

About Oportun

Oportun (Nasdaq: OPRT) is an A.I.-powered digital banking platform that seeks to make financial health effortless for anyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its over 1.8 million hardworking members meet their daily borrowing, savings, banking, and investing needs. Since inception, Oportun has provided more than $14 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and automatically helped members set aside more than $8.1 billion for rainy days and other needs. In recognition of its responsibly designed products, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media Contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

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

FAQ

What is the significance of Oportun's restricted stock units grant on September 10, 2022?

Oportun granted 330,460 restricted stock units to 56 new employees, which serves as an inducement for employment and aligns with Nasdaq regulations.

How does Oportun support its employees through stock options?

Oportun offers restricted stock units with a four-year vesting schedule to incentivize employee retention and commitment.

What is the impact of Oportun's stock grants on employee retention?

The four-year vesting plan encourages employees to remain with Oportun, potentially enhancing talent stability and company performance.