NEW YORK--(BUSINESS WIRE)--Tremor Video, Inc. (NYSE:TRMR), today announced that it has granted employment inducement awards to Mark Zagorski, the Company’s Chief Executive Officer, in connection with the commencement of his employment on July 10, 2017.
The awards are comprised of the following: (i) an option to purchase 450,000 shares of the Company’s common stock at an exercise price of $2.36 per share, the closing price of the Company’s common stock on the New York Stock Exchange on July 10, 2017, which vests as to 25% of the shares underlying the award on the first anniversary of the date of grant, with the remainder of the shares vesting in equal monthly installments over the next three years thereafter; (ii) restricted stock units covering 186,440 shares of the Company’s common stock, which will vest over four years, in four equal installments at each one-year anniversary of the date of grant; and (iii) an option to purchase 450,000 shares of the Company’s common stock at an exercise price of $2.36 per share, the closing price of the Company’s common stock on the New York Stock Exchange on July 10, 2017, which will vest based on the Company’s common stock exceeding certain price hurdles; in each case, provided that Mr. Zagorski continues to provide services to the Company on the applicable vesting date. Additionally, the awards may be subject to accelerated vesting in the event that the Company consummates a change in control transaction, as further described in the Company’s Current Report on Form 8-K, filed with the Securities Exchange Commission on June 6, 2017.
Each of the employment inducement awards was approved by the Company’s Board of Directors in reliance on the employment inducement exception to shareholder approval under Section 303A.08 of the New York Stock Exchange Listed Company Manual, and therefore was not granted under the Company’s shareholder-approved equity plan. This press release is being made to comply with the terms of such exception.
About Tremor Video
Tremor Video (NYSE: TRMR) provides software for video advertising effectiveness. Our buyer and seller platforms enable seamless transactions in a premium video marketplace by offering control and transparency to clients. We employ patented all-screen technology to make every advertising moment more relevant for consumers, and deliver maximum results for buyers and sellers.