Veritone, a leading provider of artificial intelligence (AI) technology and solutions, announced that it has hired five new senior members of its Engineering and Product teams. These new hires, which come from companies like Google and GE, further deepen the Company’s capabilities in these key areas. Veritone also announced that the Compensation Committee of the Company’s Board of Directors has granted equity awards to these new employees under its Inducement Grant Plan, as inducements material to them entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
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These equity awards consist of (i) options to purchase an aggregate of 83,000 shares of the Company’s common stock, and (ii) restricted stock units representing the right to receive upon vesting an aggregate of 39,000 shares of the Company’s common stock. The stock options granted to the new employees have ten-year terms and exercise prices ranging from $12.34 to $30.01 per share, equal to the closing stock prices of the Company’s common stock on the grant dates. Such stock options vest over a period of four years, with 25% of the shares underlying each stock option vesting on the first anniversary of the grant date and the remaining shares vesting in equal monthly installments thereafter, subject to the employee’s continuous employment with the Company through the relevant vesting date. The restricted stock units granted to the new employees vest over periods ranging from one-year cliff vesting to four-year installment vesting (with 25% of the restricted stock units vesting on the first anniversary of the grant date and the remaining restricted stock units vesting in monthly installments thereafter), in each case subject to the employee’s continuous employment with the Company through the relevant vesting date. None of the new employees are executive officers of Veritone.
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