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

Rhea-AI Summary

Vroom, Inc. approves grant of inducement restricted stock unit awards to non-executive employees.

Positive

• Vroom, Inc. approved the grant of inducement restricted stock unit awards to 14 non-executive employees, covering 6,750 shares of Vroom’s common stock. The awards vest in equal annual increments of 1/3 over a three-year period, subject to continued employment.

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 June 13, 2023, the Compensation Committee of Vroom’s Board of Directors approved the grant of inducement restricted stock unit awards covering 6,750 shares of Vroom’s common stock to 14 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/20230616507347/en/

Investor Relations:

Vroom

Jon Sandison

investors@vroom.com

Source: Vroom, Inc.

FAQ

What did Vroom, Inc. announce today?

Vroom, Inc. announced the approval of inducement restricted stock unit awards to non-executive employees.

How many shares are covered by the awards?

The awards cover 6,750 shares of Vroom's common stock.

How do the awards vest?

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

What is the condition for vesting the awards?

The awards vest subject to continued employment through each applicable vesting date.

Under which plan were the awards granted?

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

What are the awards considered as?

The awards were granted as employment inducement awards pursuant to the Nasdaq listing rules.