Phunware Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Phunware, Inc. (NASDAQ: PHUN) announced an inducement grant to Mr. Michael Snavely, their Chief Revenue Officer, under the 2023B Inducement Plan. The grant includes 600,000 restricted stock units, subject to vesting on February 23, 2024, contingent on Mr. Snavely's continued employment. Mr. Snavely has also been appointed as Phunware's Chief Executive Officer effective October 25, 2023.

AUSTIN, Texas, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (the “Company”), the pioneer of patented Location Based SaaS solutions that offer the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize anyone anywhere, today announced that it made an inducement grant to Mr. Michael Snavely in connection with his employment as Phunware’s Chief Revenue Officer, effective September 12, 2023. Such grant was made under the Phunware, Inc. 2023B Inducement Plan, which was approved and adopted on November 10, 2023 by Phunware’s Board of Directors. The Board granted Mr. Snavely an aggregate of 600,000 restricted stock units under the Inducement Plan. The grant was included in Mr. Snavely’s employment agreement described in the Form 8-K filed by Phunware with the SEC on September 8, 2023.

The grant was approved by Phunware’s Compensation Committee on November 10, 2023 pursuant to a delegation by the Board and was issued as an equity grant pursuant to Nasdaq Listing Rule 5635(c)(4), as an inducement material to Mr. Snavely entering into employment with Phunware. The restricted stock units granted are subject to a vesting on February 23, 2024, with the restricted stock units vesting on that date, subject to Mr. Snavely’s continued employment.

Subsequent to his employment as Chief Revenue Officer, Mr. Snavely has since been appointed to serve as Phunware’s Chief Executive Officer effective October 25, 2023.

About Phunware

Phunware, Inc. (NASDAQ: Phunware) offers integrated software platforms that equip companies with the products, solutions, data, and services necessary to engage, manage, and monetize their mobile application audiences globally at scale. Our products and services include cloud-based mobile software development kits (SDKs); cloud-based vertical solutions; offering application transactions, including re-occurring and one-time transactional media purchases for application discovery, user acquisition and audience building, audience engagement, and audience monetization; and pre-packaged and custom high-end personal computer systems for gaming, streaming, and cryptocurrency mining enthusiasts. We were founded in 2009 and headquartered in Austin, Texas. For further information about Phunware and our products, please visit https://www.phunware.com/.

Investor Contact:

Gateway Investor Relations
Matt Glover and John Yi
+1 (949) 574-3860
investorrelations@phunware.com

FAQ

What is the 2023B Inducement Plan?

The 2023B Inducement Plan is a plan approved and adopted by Phunware's Board of Directors on November 10, 2023, under which the inducement grant to Mr. Michael Snavely was made.

How many restricted stock units were granted to Mr. Snavely?

Mr. Snavely was granted an aggregate of 600,000 restricted stock units under the Inducement Plan.

When will the restricted stock units vest?

The restricted stock units are subject to vesting on February 23, 2024, contingent on Mr. Snavely's continued employment.

When was Mr. Snavely appointed as Phunware's Chief Executive Officer?

Mr. Snavely was appointed as Phunware's Chief Executive Officer effective October 25, 2023.