Zovio Inc Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Zovio Inc (Nasdaq: ZVO) announced the grant of inducement awards to its new CEO, Randy Hendricks, as required by Nasdaq rules. On December 6, 2021, the Board approved 574,138 Restricted Stock Units (RSUs) vesting over three years, with the first vesting on December 6, 2022. Hendricks is also granted 1,150,000 Performance Stock Units (PSUs) with a single vesting date in 2025, contingent on performance metrics. An additional 1,150,000 PSUs may be earned for exceeding targets, all contingent on continued employment through vesting dates.
- Grant of 574,138 RSUs, enhancing executive retention plan.
- Potential to earn up to 2,300,000 PSUs based on performance, aligning CEO compensation with company performance.
- None.
CHANDLER, Ariz., Dec. 9, 2021 /PRNewswire/ -- Zovio Inc (Nasdaq: ZVO), an education technology services company that partners with higher education institutions and employers, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to its new CEO, Mr. Randy Hendricks on December 6, 2021.
As an inducement for him entering into employment in accordance with Nasdaq Listing Rule 5635(c)(4), the Board of Directors of Zovio approved the grant of 574,138 Restricted Stock Units ("RSUs"), vesting in equal annual installments over a three year period, with the first such vesting installment taking place on December 6, 2022, and 1,150,000 Performance Stock Units ("PSUs") with a single vesting date in 2025 depending on performance. In addition, Mr. Hendricks will receive the potential to earn up to an additional 1,150,000 PSUs for performance above the targeted performance metrics, all with a single vesting date in 2025. All vesting of Mr. Hendricks' awards are subject to his continued employment with Zovio through such vesting dates.
About Zovio
Zovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, personalized solutions to help learners and leaders achieve their aspirations. The Zovio network, including Fullstack Academy and TutorMe, leverages its core strengths to solve priority market needs through education technology services. Using proprietary advanced data analytics, Zovio identifies the most meaningful ways to enhance the learner experience and deliver strong outcomes for higher education institutions, employers, and learners. Zovio's purpose is to help everyone be in a class of their own. For more information, visit www.zovio.com.
Contact: Vickie Schray
media@zovio.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/zovio-inc-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301441361.html
SOURCE Zovio
FAQ
What inducement awards did Zovio grant to its new CEO Randy Hendricks?
When will the first vesting of RSUs for CEO Randy Hendricks occur?
What is the total number of Performance Stock Units granted to Randy Hendricks?
What is the significance of the inducement grants for Zovio shareholders?
