Veritone, Inc. Announces New Engineering and Product Hires and Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Veritone, Inc. (Nasdaq: VERI) has announced the hiring of five senior members for its Engineering and Product teams, enhancing its capabilities. These new hires, coming from reputable firms such as Google and GE, are a strategic move to bolster the company's technological prowess. In conjunction, the Compensation Committee has granted equity awards totaling options for 83,000 shares and restricted stock units for 39,000 shares, designed to incentivize and retain the new talent. The stock options have varying exercise prices and vesting schedules.

Positive

• Strategic hiring of senior engineering and product personnel from notable companies like Google and GE.
• Equity awards granted to new hires could enhance employee retention and motivation.

Negative

• None.

COSTA MESA, Calif.--(BUSINESS WIRE)--Veritone, Inc. (Nasdaq: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today announced that it has hired five new senior members of its Engineering and Product teams. These new hires, which come from companies like Google and GE, further deepen the Company’s capabilities in these key areas. Veritone also announced that the Compensation Committee of the Company’s Board of Directors has granted equity awards to these new employees under its Inducement Grant Plan, as inducements material to them entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

These equity awards consist of (i) options to purchase an aggregate of 83,000 shares of the Company’s common stock, and (ii) restricted stock units representing the right to receive upon vesting an aggregate of 39,000 shares of the Company’s common stock. The stock options granted to the new employees have ten-year terms and exercise prices ranging from $12.34 to $30.01 per share, equal to the closing stock prices of the Company’s common stock on the grant dates. 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 employees vest over periods ranging from one-year cliff vesting to four-year installment vesting (with 25% of the restricted stock units vesting on the first anniversary of the grant date and the remaining restricted stock units vesting in monthly installments thereafter), in each case subject to the employee’s continuous employment with the Company through the relevant vesting date. None of the new employees are executive officers 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.