Zovio Inc Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
All vesting of Mr. Hendricks' awards are subject to his continued employment with Zovio through such vesting dates.
CHANDLER, Ariz., Dec. 9, 2021 /PRNewswire/ -- Zovio Inc (Nasdaq: ZVO), an education technology services company that partners with higher education institutions and employers, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to its new CEO, Mr. Randy Hendricks on December 6, 2021.
As an inducement for him entering into employment in accordance with Nasdaq Listing Rule 5635(c)(4), the Board of Directors of Zovio approved the grant of 574,138 Restricted Stock Units ("RSUs"), vesting in equal annual installments over a three year period, with the first such vesting installment taking place on December 6, 2022, and 1,150,000 Performance Stock Units ("PSUs") with a single vesting date in 2025 depending on performance. In addition, Mr. Hendricks will receive the potential to earn up to an additional 1,150,000 PSUs for performance above the targeted performance metrics, all with a single vesting date in 2025. All vesting of Mr. Hendricks' awards are subject to his continued employment with Zovio through such vesting dates.
About Zovio
Zovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, personalized solutions to help learners and leaders achieve their aspirations. The Zovio network, including Fullstack Academy and TutorMe, leverages its core strengths to solve priority market needs through education technology services. Using proprietary advanced data analytics, Zovio identifies the most meaningful ways to enhance the learner experience and deliver strong outcomes for higher education institutions, employers, and learners. Zovio's purpose is to help everyone be in a class of their own. For more information, visit www.zovio.com.
Contact: Vickie Schray
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