Veritone, Inc. Announces New Engineering and Product Hires and Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
December 11 2020 - 7:05AM
Business Wire
Veritone, Inc. (Nasdaq: VERI), a leading provider of artificial
intelligence (AI) technology and solutions, today 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).
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.
About Veritone, Inc.
Veritone, Inc. (Nasdaq: VERI) is a leading provider of AI
technology and solutions. Veritone, Inc.’s proprietary operating
system, aiWARE™ powers a diverse set of AI applications and
intelligent process automation solutions that are transforming both
commercial and government organizations. aiWARE orchestrates an
expanding ecosystem of machine learning models to transform audio,
video, and other data sources into actionable intelligence.
Veritone, Inc.’s AI developer tools enable its customers and
partners to easily develop and deploy custom applications that
leverage the power of AI to dramatically improve operational
efficiency and unlock untapped opportunities. Veritone, Inc. is
headquartered in Costa Mesa, California, and has offices in Denver,
London, New York and San Diego.
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version on businesswire.com: https://www.businesswire.com/news/home/20201211005061/en/
Company Contact: Brian Alger, CFA SVP, Corporate
Development & Investor Relations Veritone, Inc. (949) 386-4318
investors@veritone.com
Investor Relations Contact: Kirsten Chapman LHA Investor
Relations (415) 433-3777 veritone@lhai.com
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