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Veritone, Inc. Announces New Engineering and Product Hires and Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Veritone, Inc. (Nasdaq: VERI), a leader in AI technology, has appointed a new senior leadership team member and granted him equity awards under the Inducement Grant Plan. The awards include options to purchase 60,000 shares at an exercise price of $13.22 and restricted stock units for 30,000 shares. The stock options vest over four years while the restricted stock units vest over two years, subject to the new employee's continuous employment. This strategic hire is part of Veritone's ongoing commitment to enhancing its AI capabilities.
Positive
New strategic hire expected to strengthen leadership and innovation in AI technology.
Equity awards incentivize the new hire, aligning interests with shareholder value.
Negative
Concerns about the continuity of leadership and the experience gap since the new leader is not an executive officer.
DENVER--(BUSINESS WIRE)--
Veritone, Inc. (Nasdaq: VERI), a leading provider of artificial intelligence (AI) technology and solutions, has hired a new senior leadership team member. Veritone also announced that the Compensation Committee of the Company’s Board of Directors has granted equity awards to the new employee under its Inducement Grant Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).
The equity awards consist of (i) options to purchase 60,000 shares of the Company’s common stock, and (ii) restricted stock units representing the right to receive upon vesting an aggregate of 30,000 shares of the Company’s common stock. The stock options granted to the new employee have ten-year terms and an exercise price of $13.22 per share, equal to the closing stock prices of the Company’s common stock on the grant date. Such stock options vest over a period of four years, with 25% of the shares underlying each stock option vesting on the first anniversary of the grant date and the remaining shares vesting in equal monthly installments thereafter, subject to the employee’s continuous employment with the Company through the relevant vesting date. The restricted stock units granted to the new employee vest in equal installments on the anniversaries of the vesting start date over two years, in each case subject to the employee’s continuous employment with the Company through the relevant vesting date. The new senior leader is not an executive officer of Veritone.
About Veritone, Inc.
Veritone, Inc. (Nasdaq: VERI) is a leading provider of AI technology and solutions. Veritone, Inc.’s proprietary operating system, aiWARE™ powers a diverse set of AI applications and intelligent process automation solutions that are transforming both commercial and government organizations. aiWARE orchestrates an expanding ecosystem of machine learning models to transform audio, video, and other data sources into actionable intelligence. Veritone, Inc.’s AI developer tools enable its customers and partners to easily develop and deploy custom applications that leverage the power of AI to dramatically improve operational efficiency and unlock untapped opportunities. Veritone, Inc. is headquartered in Costa Mesa, California, and has offices in Denver, London, New York and San Diego.
