Etsy Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Etsy (Nasdaq: ETSY) has announced an inducement grant of 99,593 restricted stock units to Lanny Baker, who joined as Chief Financial Officer on January 1, 2025. The grant, effective February 3, 2025, was made under the 2024 Inducement Plan as a material inducement for employment.
The vesting schedule includes 25% after one year, with the remaining units vesting quarterly over three years, contingent on continued employment. The 2024 Inducement Plan, adopted on December 12, 2024, is specifically designed for new hires or rehires following non-employment periods, in compliance with Nasdaq Listing Rule 5635(c)(4).
Etsy operates multiple online marketplaces including Etsy.com, Reverb, and Depop, connecting creative buyers and sellers globally under the mission to 'Keep Commerce Human'.
Positive
- New CFO appointment with structured equity compensation plan
- Diversified portfolio with three distinct marketplaces (Etsy.com, Reverb, Depop)
Negative
- None.
The awards were granted under the Etsy, Inc. 2024 Inducement Plan (the "2024 Inducement Plan") as a material inducement to Mr. Baker's entering into employment with Etsy, in accordance with Nasdaq Listing Rule 5635(c)(4). Twenty-five percent of the restricted stock units will vest after one year, with the balance vesting in equal installments every three months over the next three years, subject to continued employment with Etsy through each vesting date. The restricted stock units are subject to the terms and conditions of the 2024 Inducement Plan and the terms and conditions of a restricted stock unit agreement covering the grant.
The 2024 Inducement Plan was adopted by Etsy's Board of Directors on December 12, 2024, and may only be used for grants to employees commencing employment with Etsy, or being rehired following a bona fide period of non-employment, and must provide a material inducement to entering into such employment, pursuant to Nasdaq Listing Rule 5635(c)(4).
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to "Keep Commerce Human," and we're committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy, Inc.'s "House of Brands" portfolio also includes Reverb Holdings, Inc. our musical instrument marketplace, and Depop Limited, our fashion resale marketplace. Each Etsy, Inc. marketplace primarily operates independently, while benefiting from shared expertise in product development, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in
Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Investor Relations Contact:
Deb Wasser, Vice President, Investor Relations
Sarah Marx, Director, Investor Relations
ir@etsy.com
Media Relations Contact:
Lauren Bayse, Sr. Director, Corporate Communications
press@etsy.com
View original content:https://www.prnewswire.com/news-releases/etsy-announces-inducement-grant-under-nasdaq-listing-rule-5635c4-302368951.html
SOURCE Etsy, Inc.
FAQ
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