Verra Mobility grants new CEO $4.75 million in stock awards
Verra Mobility granted Jon Newhard, who took office as the company's president and CEO on November 1, a stock award worth $4.75 million. The award will vest in equal installments over three years.
- Jon Newhard became Verra Mobility's president and CEO on November 1.
- The company granted him 1,583,333 restricted stock units.
- The award was valued at $4,750,000 on the date of grant.
- The stock units will vest in three equal annual installments.
- The program was approved under Nasdaq Rule 5635(c)(4).
Award vests over three years
Verra Mobility Corporation said on November 3 that it had granted Jon Newhard an incentive stock award on November 2. The decision was tied to the appointment of the new president and CEO, which took effect on November 1.
The award consists of 1,583,333 time-based restricted stock units. They relate to the company's Class A common stock and represented a total value of $4,750,000 on the date of grant.
The stock units will vest in three equal installments of one-third each. One installment will vest on each of the first three anniversaries, provided that Newhard continues to serve as Verra Mobility's CEO at the relevant date.
Award granted under Nasdaq rules
According to the company, the stock award is connected to the employment agreement signed with Newhard on October 1 and was granted as a material inducement to his employment. The decision was approved by Verra Mobility's compensation committee.
The company issued the award in accordance with Nasdaq Listing Rule 5635(c)(4). The stock units are covered by a separate inducement award agreement and are not included in Verra Mobility's amended and restated 2018 Equity Incentive Plan.
The award is subject to the terms of the applicable agreement. One condition for vesting is Newhard's continued service as CEO through each vesting date.
Verra Mobility develops transportation technology
Verra Mobility, listed on Nasdaq under the ticker VRRM, provides smart mobility technology solutions. The company says it connects vehicles, hardware, software, data and people to enable safer and more efficient transportation.
Its products include transportation safety systems and parking management solutions. The company says these help protect lives, improve urban and highway mobility, and support healthier communities.
Verra Mobility also manages complex payment, utilization and compliance tasks for fleet owners and rental car companies. The company is headquartered in Arizona and operates in North America, Europe and Australia. The new CEO's award represents a multi-year stock incentive tied to his executive appointment.
