DropCar Announces Inducement Grant to Newly-Appointed Chief Human Resources Officer
May 16 2018 - 5:00PM
DropCar, Inc. (Nasdaq:DCAR), a provider of app-based automotive
logistics and mobility services for consumers and the automotive
industry, today announced the authorization of an inducement grant
to newly-appointed Chief Human Resources Officer, Victoria
Pasquale.
As previously announced, Pasquale comes to DropCar from Aramark,
where she was the Vice President of its New York region managing
its higher education division that served 59 universities in 11
states, via a team of 14 district managers. Before joining
Aramark in 2016, Pasquale spent 15 years at Target in expanding
executive roles. During 2014-2015, she was Target’s Director of HR
and Operations Management for the Northeast region, which included
5,000+ employees. Pasquale earned an MBA from Bellevue University
and a B.S. in Marketing from Johnson and Wales University.
In connection with the hiring of Ms. Pasquale, in addition to
other compensation disclosed in DropCar’s Current Report on Form
8-K, DropCar's Board of Directors authorized the grant to Ms.
Pasquale of a non-qualified stock option to purchase up to 183,699
shares of DropCar’s common stock, effective as of May 14, 2018. The
option grant is an inducement material to Ms. Pasquale’s entering
into employment with DropCar in accordance with Nasdaq Listing Rule
5635(c)(4). The option has an exercise price of $1.81 per share,
the fair market value of DropCar’s common stock on the date of
grant and will vest as follows: (i) one-third (1/3) of the shares
shall vest and become exercisable on the first anniversary of Ms.
Pasquale’s first date of employment (the “Initial Vesting Date”)
and (ii) two-thirds (2/3) of the shares shall vest and become
exercisable over the next two (2) years in equal installments on a
quarterly basis beginning on the last day of the next calendar
quarter after the Initial Vesting Date, subject in each case to Ms.
Pasquale’s continued employment. The option has a ten-year term and
is subject to the terms and conditions of a stock option
agreement.
About DropCar
Founded and launched in New York City in 2015, DropCar
(NASDAQ:DCAR) offers its Vehicle Support Platform (VSP), a
cloud-based platform and mobile app that help consumers and
automotive-related companies reduce the cost, hassles and
inefficiencies of owning a car, or fleet of cars, in urban centers.
Its technology platform blends the efficiency and scale of cloud
computing, machine learning and connected cars with the high-touch
of highly trained drivers to move cars to/from fully staffed,
secure garages to/from the people (or businesses) who own them.
Consumers use DropCar’s mobile app to ease the cost and stress of
owning a car in the city. Dealerships, leasing companies, OEMs and
shared mobility companies use DropCar’s enterprise platform to
reduce costs, streamline logistics and deepen relationships with
customers. More information is available
at www.dropcar.com.
Investor Relations ContactDaniel Gelbtuch, VP
of Corporate Finance for DropCardaniel@dropcar.com (917)
509-9582
Media ContactJohn Williams, Scoville PR for
DropCarjwilliams@scovillepr.com (206) 625-0075
Forward-Looking Statements
This press release contains “forward-looking statements” that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
facts, included in this press release regarding strategy, future
operations, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are
forward-looking statements. Such statements are based on
management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, the
ability to project future cash utilization and reserves needed for
contingent future liabilities and business operations, the
availability of sufficient resources of the company to meet its
business objectives and operational requirements and the impact of
competitive products and services and technological changes. The
foregoing review of important factors that could cause actual
events to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including the risk factors under
the heading “Risk Factors” in DropCar’s filings with the
Securities and Exchange Commission. Except as required by
applicable law, DropCar undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.