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

Rhea-AI Summary

On May 20, 2022, Vroom, Inc. (Nasdaq: VRM) announced the approval of inducement restricted stock unit awards for 298,329 shares to 21 non-executive and one executive employee. The awards aim to attract talent under Vroom’s 2022 Inducement Award Plan, vesting in equal annual increments over three years, subject to continued employment. These awards comply with Nasdaq listing rules and are part of Vroom's strategy to enhance its workforce in the competitive used vehicle e-commerce market.

Positive

• Inducement awards could enhance talent acquisition and retention.
• The stock awards cover a substantial number of shares, indicating commitment to employee incentive.

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 May 20, 2022, the Compensation Committee of Vroom’s Board of Directors approved the grant of inducement restricted stock unit awards covering 298,329 shares of Vroom’s common stock to 21 non-executive employees and one executive employee 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/20220526005623/en/

Investor Relations:

Vroom

Liam Harrington

investors@vroom.com

Source: Vroom, Inc.

FAQ

What is the purpose of Vroom's stock awards announced on May 20, 2022?

The stock awards aim to attract and retain talent by providing inducement restricted stock units to new employees.

How many shares were granted in Vroom's stock award announcement?

Vroom granted inducement stock awards covering 298,329 shares.

Who received the stock awards from Vroom on May 20, 2022?

The awards were granted to 21 non-executive employees and one executive employee.

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

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

Which plan did Vroom use for its stock awards?

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