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Sonder Holdings Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sonder Holdings Inc. (NASDAQ: SOND) announced on April 10, 2023 that its Compensation Committee granted equity inducement stock options for a total of 327,600 shares to 97 newly hired non-executive employees. These options, part of the 2023 Inducement Equity Incentive Plan, are aimed at incentivizing new hires and complying with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $0.60, equal to the stock's closing price on the grant date. They have a ten-year term and vest over four years, with 25% vesting on the first anniversary of hire and monthly vesting thereafter, contingent on continued employment. This move may strengthen Sonder's workforce and align employee interests with shareholder value.
Positive
Grant of 327,600 stock options may enhance employee motivation and retention.
Vesting schedule aligns employee incentives with long-term company performance.
Negative
None.
SAN FRANCISCO--(BUSINESS WIRE)--
Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”) today announced that on April 10, 2023, the Compensation Committee of Sonder’s Board of Directors made equity inducement grants of stock options exercisable for an aggregate of 327,600 shares of its common stock to ninety-seven (97) newly hired non-executive employees under the Sonder Holdings Inc. 2023 Inducement Equity Incentive Plan (the “Inducement Plan”). The stock options were granted as an inducement material to the employees’ entering into employment with Sonder (or one of its subsidiaries) pursuant to Nasdaq Listing Rule 5635(c)(4).
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Sonder (or one of its subsidiaries), or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Sonder (or one of its subsidiaries), pursuant to Nasdaq Listing Rule 5635(c)(4).
The stock options have an exercise price of $0.60, the closing price of Sonder’s common stock as reported by Nasdaq on April 10, 2023, the grant date. The stock options have a ten-year term and vest over four years, with 25% of the shares subject to the award vesting on the first anniversary of the applicable employee’s date of hire, and an additional 1/48th of the shares subject to the award vesting monthly thereafter, subject to the employee’s continued service through the applicable vesting dates (subject to the terms and conditions of the Inducement Plan and the option award agreement covering the grant).
About Sonder Holdings Inc.
Sonder (NASDAQ: SOND) is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options — from spacious rooms to fully-equipped suites and apartments — found in over 40 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.
