Vroom Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vroom, Inc. (Nasdaq: VRM) announced on December 13, 2022, that its Board’s Compensation Committee approved the grant of 224,275 inducement restricted stock units to 49 non-executive employees as part of its 2022 Inducement Award Plan. The awards will vest in equal increments over three years, contingent on continued employment. This initiative aims to attract talent to Vroom and supports the company's commitment to fostering a robust workforce while adhering to Nasdaq listing rules.

Positive

• Inducement of 49 non-executive employees through 224,275 restricted stock units enhances talent acquisition.
• Awards structured to vest over three years promote employee retention.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for buying and selling used vehicles, today reported that on December 13, 2022, the Compensation Committee of Vroom’s Board of Directors approved the grant of inducement restricted stock unit awards covering 224,275 shares of Vroom’s common stock to 49 non-executive employees of Vroom and its affiliates to induce them to join as employees of Vroom and its affiliates. The awards were granted under Vroom’s 2022 Inducement Award Plan, and generally vest in equal annual increments of 1/3 over the three-year period following their grant, subject to continued employment through each applicable vesting date. The awards were granted as employment inducement awards pursuant to the Nasdaq listing rules.

About Vroom (Nasdaq: VRM)

Vroom is an innovative, end-to-end ecommerce platform that offers a better way to buy and a better way to sell used vehicles. The Company's scalable, data-driven technology brings all phases of the vehicle buying and selling process to consumers wherever they are and offers an extensive selection of vehicles, transparent pricing, competitive financing, and contact-free, at-home pick-up and delivery.

For more information, please visit ir.vroom.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221216005019/en/

Investor Relations:

Vroom

Liam Harrington

investors@vroom.com

Source: Vroom, Inc.

FAQ

What did Vroom announce on December 13, 2022?

Vroom announced the approval of inducement restricted stock unit awards covering 224,275 shares to 49 non-executive employees.

How many shares were granted as inducement awards by Vroom?

Vroom granted inducement awards covering 224,275 shares of its common stock.

What is the vesting schedule for Vroom's inducement awards?

The inducement awards vest in equal annual increments of 1/3 over a three-year period.

Under which plan were the inducement awards granted?

The awards were granted under Vroom’s 2022 Inducement Award Plan.

What is the purpose of Vroom's inducement awards?

The inducement awards are designed to attract and retain talented non-executive employees.