Sonder Holdings Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
THORNTON, Colo., Sept. 12, 2023 (GLOBE NEWSWIRE) -- Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”) today announced that on September 12, 2023, the Compensation Committee of Sonder’s Board of Directors made equity inducement grants of stock options exercisable for an aggregate of one million seven hundred thirty-two thousand two hundred (1,732,200) shares of its common stock to sixty (60) newly hired employees under the Sonder Holdings Inc. 2023 Inducement Equity Incentive Plan, as amended (the “Inducement Plan”). The grants included stock options to purchase one million two hundred thousand (1,200,000) shares of Sonder’s common stock granted to Katherine E. Potter in connection with her employment as the Company's General Counsel. The stock options were granted as an inducement material to the employees’ entering into employment with Sonder (or one of its subsidiaries) pursuant to Nasdaq Listing Rule 5635(c)(4).
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Sonder (or one of its subsidiaries), or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Sonder (or one of its subsidiaries), pursuant to Nasdaq Listing Rule 5635(c)(4).
The stock options have an exercise price of $0.37 per share, the closing price of Sonder’s common stock as reported by Nasdaq on September 12, 2023, the grant date. The stock options have a ten-year term and vest over four years, with 25% of the shares subject to the award vesting on the first anniversary of the applicable employee’s date of hire, and an additional 1/48th of the shares subject to the award vesting monthly thereafter, subject to the employee’s continued service through the applicable vesting dates (subject to the terms and conditions of the Inducement Plan and the option award agreement covering the grant).
About Sonder Holdings Inc.
Sonder (NASDAQ: SOND) is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014, Sonder provides a variety of accommodation options — from spacious rooms to fully-equipped suites and apartments — found in over 40 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.