NEW YORK--(BUSINESS WIRE)--Tremor Video, Inc. (NYSE:TRMR), today announced that it has granted an employment inducement award to Jennifer Catto, the Company’s Chief Marketing Officer, in connection with the commencement of her employment on September 26, 2016.
The award consists of an option to purchase 125,000 shares of the Company’s common stock at an exercise price of $1.58 per share, the closing price of the Company’s common stock on the New York Stock Exchange on the date of grant. The option 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, provided that Ms. Catto continues to provide services to the Company on each such vesting date. Additionally, the award may be subject to accelerated vesting in the event that Ms. Catto is terminated without cause or resigns for good reason following the closing of a change in control transaction.
The award was approved by the Compensation Committee of 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.
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.