IZEA Reports Inducement Grant Under NASDAQ Listing Rule 5635(C)(4)
Rhea-AI Summary
IZEA Worldwide, Inc. (NASDAQ: IZEA), a leading influencer marketing technology provider, has announced the granting of 169,357 time-based restricted stock units (RSUs) under its 2023 Inducement Plan. This grant is connected to IZEA's recent acquisition of The Reiman Agency, which closed on July 24, 2024. The RSUs were awarded to Alden Reiman, Managing Director of The Reiman Agency, as part of his employment agreement with IZEA.
The RSU grant will vest over a three-year period, with one-third vesting after 12 months and the remaining two-thirds vesting in quarterly increments thereafter, contingent on Mr. Reiman's continued service. This grant was approved by IZEA's Compensation Committee and Board of Directors on July 22, 2024, and is compliant with NASDAQ Listing Rule 5635(c)(4) as an inducement for Mr. Reiman's employment with IZEA.
Positive
- Acquisition of The Reiman Agency completed on July 24, 2024
- Strategic hiring of Alden Reiman as Managing Director
- Implementation of performance-based compensation structure through RSUs
Negative
- Potential dilution of existing shareholders due to issuance of new RSUs
ORLANDO, Fla., July 26, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), a premier provider of influencer marketing technology, data and services for the world’s leading brands, today announced that it granted a total of 169,357 time-based restricted stock units (“RSUs”) under the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) in connection with its acquisition of The Reiman Agency, which closed on July 24, 2024.
The time-based RSU grant was issued to Alden Reiman, Managing Director of The Reiman Agency, by IZEA. The grant will vest one-third after 12 months and two-thirds in quarterly increments thereafter over the three-year period, subject to Mr. Reiman’s continued service. The RSU award is subject to the terms and conditions of the Inducement Plan and the terms and conditions of the applicable RSU award agreement covering the grant.
The company’s Compensation Committee and Board of Directors approved the grant on July 22, 2024, to be issued in conjunction with the acquisition of The Reiman Agency. Under NASDAQ Listing Rule 5635(c)(4), the grant was made as an inducement material to Mr. Reiman’s entering into an employment relationship with IZEA.
About IZEA Worldwide, Inc.
IZEA Worldwide, Inc. (“IZEA”) is a marketing technology company providing software and professional services that enable brands to collaborate and transact with the full spectrum of today’s top social influencers and content creators. The company serves as a champion for the growing Creator Economy, enabling individuals to monetize their content, creativity, and influence. IZEA launched the industry’s first-ever influencer marketing platform in 2006 and has since facilitated nearly 4 million transactions between online buyers and sellers. Leading brands and agencies partner with IZEA to increase digital engagement, diversify brand voice, scale content production, and drive a measurable return on investment.
FAQ
How many restricted stock units (RSUs) did IZEA Worldwide (NASDAQ: IZEA) grant in connection with The Reiman Agency acquisition?
When did IZEA Worldwide (NASDAQ: IZEA) complete the acquisition of The Reiman Agency?
What is the vesting schedule for the RSUs granted by IZEA Worldwide (NASDAQ: IZEA) to Alden Reiman?
Under which NASDAQ rule did IZEA Worldwide (NASDAQ: IZEA) grant the RSUs as an inducement?
