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Sonder Holdings Inc. Reports Inducement Grants 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 the grant of stock options to 140 newly hired non-executive employees on February 17, 2023. A total of 833,783 shares were granted under the 2023 Inducement Equity Incentive Plan, compliant with Nasdaq Listing Rule 5635(c)(4). Each stock option has an exercise price of $1.28, corresponding to the closing stock price on the grant date. Options vest over four years, with 25% vesting after the first anniversary of employment and the remainder vesting monthly thereafter, contingent on continued service. This initiative is designed to attract and retain talent as Sonder expands its innovative hospitality services.
Positive
Granting of 833,783 stock options to new employees supports talent acquisition.
Usage of inducement stock options in line with Nasdaq rules enhances credibility.
Stock options vesting over four years encourages employee retention.
Negative
None.
SAN FRANCISCO--(BUSINESS WIRE)--
Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”) today announced that on February 17, 2023, the Compensation Committee of Sonder’s Board of Directors granted inducement stock options exercisable for an aggregate of 833,783 shares of its common stock to one hundred forty (140) 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).
Each stock option is exercisable at a price of $1.28, the closing price of Sonder’s common stock on February 17, 2023, the grant date. Each stock option vests 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.
