American online real estate database company, Zillow Group, Inc., has announced that on August 27, 2019, the compensation committee of its Board of Directors granted equity awards to purchase an aggregate of 535,011 shares of its Class C stock to compensate 286 new employees under the company's 2019 Equity Inducement Plan.
Shares authorized by the compensation committee under Zillow Group's 2019 Equity Inducement Plan may only be granted to newly hired employees (or employees following a bona period of non-employment) as an inducement material to such employees entering into employment with Zillow Group, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The inducement awards consist of restricted stock units, or RSUs, for an aggregate of 377,916 shares of Class C stock to 251 new employees and stock options to purchase an aggregate of 157,095 shares of Class C stock to 108 new employees. The strike price of the stock options is $32.78, which was the closing stock price on August 27, 2019.
Subject to continued employment with Zillow Group, the RSUs and stock options will vest over a four-year period, with 25% vesting on the first anniversary of the vesting commencement date, which was the employee's first day of employment, and the remainder vesting in equal quarterly installments over the three years thereafter. The options have a ten-year term.
SOURCE Zillow Group
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