Cerence Announces Equity Grant to Employee Under Inducement Plan
19 Mars 2024 - 1:00PM
Cerence Inc. (NASDAQ: CRNC) (the “Company”), AI for a world in
motion, today announced that, in connection with Daniel Tempesta’s
recent appointment as Chief Financial Officer effective March 18,
2024, the Company granted Mr. Tempesta an initial equity award with
a target aggregate value of $3 million. Such award consists of
102,599 time-based restricted stock units and 102,599
performance-based restricted stock units, based on the average
closing price of the Company’s common stock over the trailing 20
trading days ending on the date of grant. The time-based restricted
stock units will vest in three equal installments on each of
October 1, 2024, October 1, 2025, and October 1, 2026, in each case
subject to Mr. Tempesta’s continued service with the Company
through the applicable vesting date. The performance-based
restricted stock units will be earned based on the Company’s
performance upon the completion of each of fiscal year 2024, 2025,
and 2026, with one-third of the total performance-based
restricted stock units eligible to be earned for each fiscal year,
subject to Mr. Tempesta’s continued service with the Company
through such vesting date. In addition, the Company granted Mr.
Tempesta a one-time sign-on equity award with a target aggregate
value of $3 million, consisting of 205,198 restricted stock units
based on the average closing price of the Company’s common stock
over the trailing 20 trading days ending on the date of grant,
which vests in three equal installments on each of December 15,
2024, December 15, 2025, and December 15, 2026, subject to
Mr. Tempesta’s continued service with the Company through such
vesting date. All of these awards were granted as an inducement
material to Mr. Tempesta entering into employment with the Company
pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
To learn more about Cerence, visit www.cerence.com, and follow
the company on LinkedIn and Twitter.
About Cerence Inc.Cerence (NASDAQ: CRNC) is the
global industry leader in creating unique, moving experiences for
the mobility world. As an innovation partner to the world’s leading
automakers and mobility OEMs, it is helping advance the future of
connected mobility through intuitive, AI-powered interaction
between humans and their vehicles, connecting consumers’ digital
lives to their daily journeys no matter where they are. Cerence’s
track record is built on more than 20 years of knowledge and 475
million cars shipped with Cerence technology. Whether it’s
connected cars, autonomous driving, e-vehicles, or two-wheelers,
Cerence is mapping the road ahead. For more information, visit
www.cerence.com.
Kate Hickman | Tel: 339-215-4583 | Email:
kate.hickman@cerence.com
Cerence (NASDAQ:CRNC)
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